Newmark shoots for $615M IPO

Brokerage updates its prospectus with plan to issue 30 million shares of Class A common stock

New York /
Dec.December 05, 2017 06:00 PM

Commercial brokerage NKF is being spun off from its parent BGC Partners

Newmark Knight Frank plans to raise $615 million through its initial public offering, according to an amendment filed to the company’s preliminary prospectus Monday.

The commercial brokerage will issue 30 million shares of Class A common stock at a price estimated to range between $19 and $22 per share, according to the New York Business Journal.

The midway point of those figures would work out to $615 million. Goldman Sachs, Bank of America Merrill Lynch, Citigroup, Cantor Fitzgerald, PNC Capital Markets, Mizuho Securities, Capital One Securities and Keefe, Bruyette & Woods are jointly running the book on the deal.

Newmark filed its preliminary prospectus with the U.S. Securities and Exchange Commission in late October. The company will trade under the NMRK stock symbol. The company generated $1.5 billion in revenues for the 12-month period ending June 30, 2017, according to its filings.

And it’s an opportune time to jump into the public markets, as publicly traded competitors like CBRE, JLL, Savills Studley, Colliers, HFF and Marcus & Millichap have seen their stock prices rise over the past year, as The Real Deal reported last month.

There have been fewer than 150 IPOs in the U.S. in 2017, ahead of the 105 that took place by this time last year, according to the publication. [NY Business Journal]Rich Bockmann 


Related Articles

arrow_forward_ios
Leslie Alexander with 1117 Main Road in Riverhead (top) and 2045 Sound Avenue in Mattituck (Getty, Compass)
Leslie Alexander lists pair of North Fork properties with development rights
Leslie Alexander lists pair of North Fork properties with development rights
(Photo Illustration by The Real Deal with Getty Images)
Office occupancy stalls after Labor Day push
Office occupancy stalls after Labor Day push
A photo illustration of 1776 Nostrand Avenue (Getty Images, Google Maps)
Flatbush landlord sentenced in deadly space heater fire
Flatbush landlord sentenced in deadly space heater fire
Tankhouse’s Sam Alison-Mayne with 452 Union Street (Facades Plus, Google Maps, Getty)
Multifamily deals dominate strong week of NYC i-sales
Multifamily deals dominate strong week of NYC i-sales
Steve Roth and renderings of 260 11th Avenue (Getty, Profile New York)
Vornado lays out vision for Otis Elevator Building complex
Vornado lays out vision for Otis Elevator Building complex
From left: Arch Companies' Jeff Simpson and Hello Living's Eli Karp along with a rendering of 1580 Nostrand Avenue (Getty Images, Arch Companies, Hello Living)
Eli Karp’s Hello Living says goodbye to Flatbush project
Eli Karp’s Hello Living says goodbye to Flatbush project
A photo illustration of Daniel Brodsky and 75 West End Avenue (Getty Images, Google Maps)
Brodsky brings challenge to NYC Airbnb law
Brodsky brings challenge to NYC Airbnb law
(Illustration by The Real Deal with Getty)
How illegal Airbnbs slip through the cracks
How illegal Airbnbs slip through the cracks
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...