Real estate services giant Cushman & Wakefield PLC completed its IPO of 51,750,000 ordinary shares, priced at $17.00 apiece.
The offering included the underwriters' full exercise of their option to buy 6,750,000 additional shares. The shares are traded on the NYSE under the CWK ticker.
Additionally, the company said a primary private-placement investment by China Vanke Co. Ltd.'s Vanke Service (HongKong) Co. Ltd. held an initial close. The ordinary shares acquired by Vanke reflect a 4.9% stake in Cushman, after taking into account the IPO and the underwriters' exercised additional-share option.
Cushman said it aims to use the net proceeds from the IPO to repay its second-lien loan and to pay the outstanding amount of the deferred payment obligation related to its acquisition of Cassidy Turley. Any remaining funds will be used for general corporate purposes.
Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC and UBS Investment Bank were the joint book-running managers and representatives of the underwriters for the IPO. Barclays Capital Inc., BofA Merrill Lynch, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and William Blair & Co. LLC were also joint book-running managers.
TPG Capital BD LLC, HSBC Securities (USA) Inc., Credit Agricole Securities (USA) Inc., JMP Securities LLC, China Renaissance Securities (US) Inc., Fifth Third Securities Inc., Academy Securities Inc., Loop Capital Markets LLC, Samuel A. Ramirez & Co. Inc., Siebert Cisneros Shank & Co. LLC and The Williams Capital Group LP were the co-managers.