RE/MAX announced the pricing of its initial public offering of 10,000,000 shares of Class A common stock at a public offering price of $22.00 per share Wednesday. The company granted underwriters a 30-day option to purchase up to an additional 1.5 million shares of Class A common stock to cover overallotments. Shares of the Company’s Class A common stock are expected to begin trading on October 2, 2013 on the New York Stock Exchange under the symbol “RMAX.”
The net proceeds of the offering are estimated to be approximately $194.2 million after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering to reacquire regional RE/MAXfranchise rights in select markets, redeem preferred membership interests and to repurchase ownership stakes from existing shareholders.
Morgan Stanley, Bank of America, Merrill Lynch, and JPMorgan are acting as joint book-running managers for the offering. William Blair, RBC Capital Markets, and JMPSecurities are acting as co-managers for the offering. Perella Weinberg Partners is acting as advisor to RE/MAX. The offering of these securities is being made only by means of a prospectus, copies of which can be obtained from: