Cushman & Wakefield, a global commercial real estate brokerage and services firm, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $750 million.
The Chicago, IL-based company was founded in 1917 and booked $7.2 billion in revenue for the 12 months ended March 31, 2018. It has not disclosed a proposed ticker or exchange (RC ticker: CW.RC). Cushman & Wakefield filed confidentially on April 16, 2018. Morgan Stanley, J.P. Morgan, Goldman Sachs, UBS Investment Bank, Barclays, BofA Merrill Lynch, Citi, Credit Suisse and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
