Newmark lists on the Nasdaq

Stock opened at $14 per share, down from original range of $19 to $20 per share

TRD NEW YORK /
Dec.December 15, 2017 02:36 PM

Newmark becomes a public companyon the Nasdaq stock exchange (Credit: NASDAQ via Twitter)

Newmark Group’s initial public offering opened today on the Nasdaq stock exchange at $14.00 per share, lower than the original $19 to $20 per-share range the company had originally projected.

Newmark offered 20 million shares of Class A common stock, with an option for underwriters to purchase additional shares.

Howard Lutnick’s BGC Partners, which bought Newmark Knight Frank for an undisclosed sum in 2011, will own 85.3 percent of Newmark’s Class A common stock at closing, or roughly 83.4 percent if the underwriters exercise their full option.

Newmark CEO Barry Gosin, who rang the opening bell alongside Lutnick, called the day “a pivotal moment” for the company.

“I couldn’t be more excited about where we are going. I certainly know where we came from, which we’ll never forget,” he said. “But where we are going is incredibly exciting.”

Newmark began as a family firm in 1929, and in 2005 the company formed a partnership with London’s Knight Frank. After BGC acquired the firm, it combined the company with multifamily lender Berkeley Point Capital under the Newmark Group umbrella.

The IPO is expected to close on or around Dec. 19. – Rich Bockmann


Related Articles

arrow_forward_ios
WeWork chairman Marcelo Claure (Photo by Chip Somodevilla/Getty Images)

WeWork lays off 250 more employees, but Covid-19 isn’t reason

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

125 Park Avenue (Credit: Google Maps, iStock)

Newmark hires nurse to screen visitors, employee tests positive for Coronavirus

Managed by Q co-founder Dan Teran and Eden CEO Joe Du Bey (Credit: Managed by Q and Made with Pulp)

WeWork likely to sell Managed by Q to rival company Eden

Fears of coronavirus have led some of the world’s most prominent commercial real estate companies to pull out of the MIPIM conference in Cannes, France. (Credit: Getty Images, iStock)

Coronavirus exodus: CRE bigwigs ditch MIPIM

Jordan Roeschlaub and Dustin Stolly of Newmark Knight Frank (Roeschlaub and Stolly photo by Anuja Shakya, iStock)

Employees fleeing “toxic” team at Newmark Knight Frank

Fathom Holdings CEO Joshua Harley (Credit: Fathom)

Virtual brokerage Fathom Holdings files for IPO

Oyo CEO Ritesh Agarwal (Credit: Getty Images)

Future City newsletter: Struggles at SoftBank’s $10B hospitality startup, the death of CrediFi & more

arrow_forward_ios
Loading...