Franchisor Re/Max Holdings Inc. announced today that it has priced an initial public offering that it expects will net at least $177 million. The franchise network, which serves more than 90,000 agents in 6,300 offices and 90 countries, said it will offer 10 million shares that it expects to be priced between $19 and $21 per share. Re/Max also said it intends to grant the underwriters of its IPO a 30-day option to to buy up to 1.5 million additional shares. After deducting underwriting discounts and estimated offering expenses, Re/Max expects net proceeds of $177 million from the offering, assuming an IPO price of $20 per share. If underwriters fully exercise their option to purchase additional shares, the net proceeds will total $205.2 million, the company said in an amendment to it...
Jul 9, 2013 by Paul Hagey