RE/MAX, founded in 1973, has floated on the New York stock exchange.
It opened for trading on Tuesday when RE/MAX founders David and Gail Liniger, together with their CEO Margaret Kelly, celebrated the company’s first day of trading by visiting the stock exchange floor.
Kelly said: “To be here and trading on the New York stock exchange is truly a memorable day in our 40-year history. From just a single office in Denver, we’ve grown into a global real estate brand.”
RE/MAX now has over 90,000 agents and a global reach of more than 90 countries, and claims to sell more homes than any other organisation.
Trading started after the company priced its IP at $22 a share, higher than had been expected. The Linigers retain control of the company through ownership of Class B stock.
RE/MAX posted earnings of $33.3m last year. For the first half of 2013, the company posted $15m, up 8.7% from the same period last year.
As of June 30, it had 91,809 agents, its highest number in three years.
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Comments
Familiar with them from my time in Canada. was never going to work in UK, better models out there