Weston Presidio-backed Re/Max raises $220m via IPO

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dollar_5_170sqPrivate equity-backed real estate brokerage franchiser Re/Max has raised $220m via its IPO on the New York Stock Exchange (NYSE).

The company sold 10m shares at a price of $22 per share, according to Bloomberg data, which is ahead of its marketed range of $19 to $21. Re/Max initially planned to raise $100m via an IPO.

The stock will make its debut on the NYSE today under the symbol RMAX.

Morgan Stanley, Bank of America Merrill Lynch, JP Morgan, William Blair, RBC and JMP acted as underwriters for the IPO, according to a document filed with US securities regulators.

The filing showed that the brokerage’s private equity owner Weston Presidio, which backed the company in 2010, planned to completely exit the business, which had revenues of $143.7m in 2012.

Other companies backed by Weston Presidio include IT staffing and consulting firm Digital Intelligence Systems, which raised a $20m Series C in September last year.

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