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 Article


WeWork IPO pushed back, Manhattan DA subpoenas Trump Org taxes: Daily digest

Gary Barnett says luxury market is crowded, WeWork IPO woes continue: Daily Digest

WeWork’s plunging valuation could spell concern for other real estate startups

Brett Siegel, Jean Celestin, and Evan Layne with Newmark Knight Frank offices at 125 Park Avenue (Credit: LinkedIn and Google Maps)

Newmark poaches Eastdil Secured sales team

Behind the curtain of WeWork’s all-male board of directors

Robert K. Futterman (Credit: Southampton Town Police)

Futterman’s latest DUI wouldn’t factor into termination case: legal expert

Jimmy Buffett and a rendering of Margaritaville Times Square (Credit: Getty Images, Margaritavilla/The McBride Company)

Sued away again in Margaritaville: Newmark claims chain breached exclusive contract

The We Company's Adam Neumann (Credit: Getty Images)

Adam Neumann has cashed out more than $700M prior to We Company IPO