Reuters: Regulatory News: Real estate firm Re/Max expects IPO to be priced at $19-$21/shr

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Real estate firm Re/Max expects IPO to be priced at $19-$21/shr Sep 19th 2013, 11:17 Sept 19 | Thu Sep 19, 2013 7:17am EDT Sept 19 (Reuters) - Real estate company Re/Max Holdings Inc said it expected its initial public offering to be priced at $19-$21 per share, raising as much as $210 million. A recovery in the U.S. housing market has helped competitor Realogy Holdings Corp gain about 60 percent in market value since it went public in a $1.1 billion IPO last October. Home improvement consultant RIHI Inc owns about 85 percent stake in Re/Max. RIHI's stake would fall to about 61 percent if the underwriters exercise their full option, Re/Max said in a filing. () RIHI is owned by David Liniger and Gail Liniger, who currently serve on Re/Max board as chairman and vice chairman. Private equity firm Weston Presidio, which holds the remaining 15 percent, will sell its entire stake. Re/Max said it would sell 10 million of its Class A common stock in the offering, for which Morgan Stanley, BofA Merrill Lynch and JP Morgan are the lead underwriters. Re/Max's net profit rose to $18 million in the year ended Dec. 31, 2012 from $13.9 million. Revenue rose about 4 percent to $143.7 million.

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