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Re/Max Gains After $220 Million IPO Priced Above Target

Re/Max Holdings Inc., a franchiser of real estate brokerages, jumped on its first day of trading after raising $220 million in an initial public offering.

The Denver-based company sold 10 million shares for $22 each, Re/Max said in a statement yesterday, after offering them for $19 to $21. The stock gained 23 percent to $27 in New York trading today.