Newmark lists on the Nasdaq

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

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
200 Metro Boulevard in Nutley NJ, Prism Capital Partners' Eugene Diaz and Newmark Group Chairman Howard Lutnick (Prism Capital Partners, Loopnet, Getty Images)
Cantor Fitzgerald buys big pharma office building for $132M
Cantor Fitzgerald buys big pharma office building for $132M
(Getty, iStock; Photo-illustration by Kevin Rebong for The Real Deal)
Crashing the party: New SPAC rules could slash proptech deals
Crashing the party: New SPAC rules could slash proptech deals
Robert Reffkin, founder & ceo, Compass (Getty Images, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Residential brokerage shares take a hit in first week of 2022 trading
Residential brokerage shares take a hit in first week of 2022 trading
Vector CEO Howard Lorber (iStock, Getty)
Goodbye Vector, hello public: Douglas Elliman makes NYSE debut
Goodbye Vector, hello public: Douglas Elliman makes NYSE debut
Vector CEO Howard Lorber and Elliman CEO Scott Durkin (Getty)
Douglas Elliman to go public in spinoff from Vector Group
Douglas Elliman to go public in spinoff from Vector Group
286 Lenox Avenue in Harlem (Google Maps, iStock)
Interested in investing in a single building? This Harlem property could be your chance
Interested in investing in a single building? This Harlem property could be your chance
Authentic Brands CEO Jamie Salter (Getty)
Authentic Brands files for IPO amid acquisition spree
Authentic Brands files for IPO amid acquisition spree
Orchard's Patrick McClymont and HomeLight's Sean Aggarwal (Photos via IMAX, The Org)
Orchard, HomeLight move toward IPOs with new execs
Orchard, HomeLight move toward IPOs with new execs
arrow_forward_ios

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

Loading...