The company has commenced an initial public offering of 10,000,000 shares of its Class A common shares. The initial public offering price is currently expected to be between $19.00 and $21.00 per Class A common share.
RE/MAX has applied to list its Class A common shares on the New York Stock Exchange under the symbol “RMAX.”
The company says it intends to use the net proceeds from the offering to reacquire regional RE/MAX franchise rights in select markets, redeem preferred membership interests and to repurchase ownership stakes from existing shareholders.
Morgan Stanley, BofA Merrill Lynch and J.P. Morgan will act as joint book-running managers for the offering.
RE/MAX boasts over 90,000 agents operating in more than 90 countries.
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