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Re/Max sets IPO price at bullish $22 per share

Franchisor will use proceeds to buy out large shareholder, reacquire master franchise rights in 2 regions

Real estate heavyweight Re/Max Holdings Inc. set its initial public offering at $22 per share -- above a previously announced expected range of $19 to $21 -- indicating that the franchisor expects investors will demonstrate their optimism for the U.S. housing recovery when shares begin trading tomorrow on the New York Stock Exchange. After expenses, Re/Max, which will trade under the ticker "RMAX," expects to raise at least a net of $195.8 million, which it will use to buy out a large shareholder and reacquire two franchise regions in the U.S. The 40-year-old company founded by David and Gail Liniger in Denver in 1973 now boasts 90,000 agents in 6,300 offices in more than 90 countries affiliated with the brand. In addition to selling 10 million shares of its class A common stock, Re/Max is granting underwriters the option to purchase an additional 1.5 million shares. Expected net proceeds from IPO* Amount to be used to buy out Weston Presidio Amount to be used to purc...