Re/Max real estate company files public offering
Re/Max announces plan to go public
A big player in the national housing market is planning on taking advantage of a recovery. The New York Times reports that Re/Max Holdings, one of the country’s biggest real estate brokerages, filed to go public on Monday, preparing to follow its rival Realogy Holdings onto the public markets.
The preliminary prospectus gave few details about the offering, other than a pro forma fund-raising target of $100 million, the Times reported. But it shed more light on Re/Max, which has stayed private since its founding 40 years ago.
“Its decision to go public throws a spotlight on how an upswing in the housing market has benefited real estate companies,” the Times says. 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 percent from the period a year earlier.
As of June 30, it employed 91,809 agents, its highest number in three years.
Re/Max local offices
Re/Max has several offices operating in San Luis Obispo County, notably Pete Dakin’s RE/MAX Parkside Real Estate in downtown Paso Robles. Other Re/Max real estate brokerages in the county include offices in San Luis Obispo, Arroyo Grande, Los Osos, Pismo Beach and a newer office opened by Joe Prian, Re/Max Pines By the Sea, 770 Main St, Cambria.