Re/Max surges in 1st day of trading on the NYSE

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Associated Press

Posted on October 2, 2013 at 9:02 AM

Updated Wednesday, Oct 2 at 9:02 AM

NEW YORK (AP) — Shares of Re/Max jumped in the real estate brokerage's first day on the New York Stock Exchange.

The shares added $4.50, or 20.5 percent, to $26.50 in morning trading after rising as high as $26.95 earlier.

Re/Max Holdings Inc. priced its initial public offering of 10 million shares at $22 each. That is above the projected range of $19 to $21 per share.

The Denver company raised $220 million in the offering. It is trading under the "RMAX" ticker symbol.

Re/Max is one of several real estate-related companies to go public recently. Realogy Holdings, which operates real estate brokerages under brands like Century 21, Coldwell Banker and Sotheby's International Realty, debuted in October. Real estate website operator Trulia Inc. went public in September and online real estate information company Zillow Inc. began selling shares in 2011.

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