Here’s the price range Cushman is targeting for its IPO

Cushman & Wakefield has set the price range for its IPO at $16 to $18 per share, according to a prospectus filed with the Securities and Exchange Commission on Monday.

The firm, backed by private equity firm TPG Capital, expects to make $719.3 million from the offering. More than half of the proceeds ($470 million) will go toward paying down debt, which was expected. The brokerage has a total debt of $3 billion, the filing shows. The rest of the money will be used to pay for the outstanding bills relating to DTZ’s 2015 acquisition of Cassidy Turley, the termination of management services agreements, and general corporate purposes.

The IPO will include 45 million shares, bringing the Cushman’s total number of outstanding shares to 198.2 million shares. The number of shares included in the offering may go up to 51.75 million shares if the underwriters, led by Morgan Stanley, J.P. Morgan and Goldman Sachs, exercise an option to buy shares.

The offering comes as Cushman looks to tap the public market to stave off financial losses. The company expects to post a net loss $124.2 million for the first half of the year, according to the filing. The figure is much lower than the $167 million loss during the same period last year. The uptick is consistent on a quarterly basis. For the second quarter, Cushman posted a net loss of $32.2 million, down from $47.3 million during the same time last year.