Newmark Group, a commercial real estate brokerage and advisory firm backed by BGC Partners, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $615 million by offering 30 million shares at a price range of $19 to $22. At the midpoint of the proposed range and including the conversion of LP interests, Newmark Group would command a fully diluted market value of $4.9 billion.
Newmark Group was founded in 1929 and booked $1.5 billion in revenue for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol NMRK. Goldman Sachs, BofA Merrill Lynch, Citi, Cantor Fitzgerald, PNC Capital Markets, Mizuho Securities, Capital One Securities and Keefe Bruyette Woods are the joint bookrunners on the deal. It is expected to price during the week of December 11, 2017.
