After raising $220 million in an IPO, RE/MAX Holdings (NYSE:RMAX) celebrated its stock's first day of trading on the New York Stock Exchange today. With the 10 million shares offered priced at $22, they opened trading at $26.25 a share and closed their first session at $27 each, a near 23% gain.
Company executives including Chairman and Co-Founder Dave Liniger, Vice Chair and Co-Founder Gail Liniger, and Chief Executive Officer Margaret Kelly visited the trading floor to witness the stock opening.
Noting the company's 40-year history, Kelly said, "From just a single office in Denver, we've grown into a global real estate brand. And today, we're proud to enter a new era of RE/MAX history as a publicly traded company."
The real estate brokerage filed its plans to go public back in August. It anticipates netting about $194.2 million, and plans to use the proceeds to reacquire regional Re/Max franchise rights in some markets, redeem preferred membership interests, and buy back ownership stakes from existing shareholders.
RE/MAX was founded in 1973 and boasts more than 90,000 agents and a global reach of more than 90 countries.
Fool contributor Rich Duprey has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.