BGC Partners Inc. and Newmark Group Inc. said underwriters in Newmark's initial public offering fully exercised their overallotment option to acquire a further 3 million shares of class A common stock at $14.00 apiece.
Newmark attracted net proceeds of roughly $298.3 million in total from the offering. Upon the closing of the overallotment option Dec. 26, Newmark's public stockholders own roughly 16.6% of the shares of its class A common stock.
Goldman Sachs & Co. LLC, BofA Merrill Lynch and Citigroup served as joint book-running managers for the offering.
Cantor Fitzgerald & Co. acted as a book runner, while PNC Capital Markets LLC, Mizuho Securities, Capital One Securities and Keefe Bruyette & Woods served as passive book runners.
Sandler O'Neill + Partners LP, Raymond James, Regions Securities LLC, CastleOak Securities LP and Wedbush Securities acted as co-managers.