Cushman & Wakefield, a global commercial real estate brokerage and services firm, announced terms for its IPO on Monday.
The Chicago, IL-based company plans to raise $765 million by offering 45 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Cushman & Wakefield would command a fully diluted market value of $3.5 billion and an enterprise value of $5.6 billion.
Cushman & Wakefield was founded in 1917 and booked $7.2 billion in sales for the 12 months ended March 31, 2018. It plans to list on the NYSE under the symbol CWK. 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. It is expected to price during the week of July 30, 2018.
