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.
Comments
Familiar with them from my time in Canada. was never going to work in UK, better models out there