The Real Deal New York

Cushman plans to raise $750M with IPO

Pricing range would value company at $6B including debt
July 20, 2018 12:05PM

225 West Wacker Drive in Chicago and Brett White (Credit: 225 West Wacker)

Cushman & Wakefield plans to raise $750 million through its initial public offering at a valuation of $6 billion, including debt.

The global brokerage expects to set its pricing range on Monday and start its roadshow, people familiar with the company’s plans told the Wall Street Journal.

The pricing is expected to set Cushman’s market capitalization somewhere between $3 billion and $4 billion.

Cushman last month filed the preliminary prospectus for its IPO, revealing that the company has been operating at a net loss since private equity owner TPG Capital purchased the firm in 2015. TPG also loaded Cushman up with debt, which it hopes to start paying down through a successful offering.

The brokerage, meanwhile, has seen an exodus of talent as it prepares for its public debut, and there’s skepticism about how robust demand will be from Wall Street with the global real estate market in such late stages. [WSJ] —Rich Bockmann