RE/MAX, one of the world’s leading franchisors of real estate brokerage services, yesterday announced that it has publicly filed with the U.S. Securities and Exchange Commission for initial public offering of its common stock.
The RE/MAX brand name has held the number one market share in the U.S. and Canada since 1999.
The timing, number of shares to be offered and the price range for the offering have not yet been determined. RE/MAX intends to apply to list its common stock on the New York Stock Exchange.
Morgan Stanley, BofA Merrill Lynch and J.P. Morgan will act as joint book-running managers for the offering. Perella Weinberg Partners is acting as advisor to RE/MAX.
The filing comes as the US housing market rebounds, with home prices up 12 percent from one year ago and investors bee-lining back to the market.
Despite the flurry of activity, Jonathan Miler, CEO of real estate appraisal firm Miller Samuel, told Yahoo Finance this week that he rebound is all rhetoric.
The rebound in housing “is based on nothing,” Miller told the online site. “Incomes are flat, credit is tight and unemployment and underemployment are unacceptably high.”
The veteran analyst predicts home sales overall will decline as interest rates rise, which is expected as the Fed reduces its easing policies.
“Higher rates will reduce froth in the market which makes the rise in housing prices more sustainable,” said Miller.
