RE/MAX set for United States IPO
Re/Max Holdings, the US-based owner of franchised real estate agents operating world-wide, is going public.
The firm has 92,000 franchised real estate agents around the world, with 6300 brokerage offices owned by agents or franchisees.
It has one master franchise in Australia with 58 franchisees in the eastern states and 13 in WA. There are 44 in Queensland, five in NSW, five in South Australia, three in Victoria, and one in Tasmania.
Revenues were US$143.7 million last year – up from US$138.3 million the year before.
In its preliminary prospectus, Re/Max disclosed that it posted two consecutive annual profits, earning $33.3 million last year. For the first six months of 2013, the company earned $15 million, up 8.7% from the period a year earlier.
As of June 30, it employed 91,809 agents, its highest staff numbers in three years.
Re/Max has stayed private since its founding four decades ago.
Re/Max has used a US$100 million placeholder amount to calculate fees for the capital raising, but this figure can change.
Morgan Stanley, Bank of America and JP Morgan Chase are managing the listing.
