Re/Max files preliminary papers for IPO

Real estate franchisor has yet to release timing, price or number of shares to be offered

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Global real estate franchisor Re/Max LLC, which has more than 90,000 agents in 6,300 offices and 90 countries, is prepping for an initial public offering. The Denver-based firm filed an S-1 registration statement with the U.S. Securities and Exchange Commission on Friday after previously submitting one confidentially under the Jumpstart Our Business Startups (JOBS) Act, which has reduced reporting requirements for emerging companies with less than $1 billion in revenue. For 2012, the 40-year-old firm reported $143.7 million in revenue, with 91 percent coming from its operations in the U.S. (74 percent) and Canada (17 percent), and a net income of $33.3 million. Re/Max, which currently owns the right to sell brokerage franchises in 10 of its 32 franchise regions in the U.S. and Canada, says it plans to use $27.3 million of the proceeds from the IPO to reacquire franchise rights in the Central Atlantic and Southwest regions to boost its percentage of U.S. and Canadian agents t...