Newmark Group, a commercial real estate brokerage and advisory firm carved out of BGC Partners, lowered the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $290 million (-53% than previously anticipated) by offering 20 million shares at a price range of $14 to $15. The company had previously filed to offer 30 million shares at a range of $19 to $22. At the midpoint of the revised range, Newmark Group will command a fully diluted market value of $3.3 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.
