Newmark Group Inc. closed its IPO of 20 million shares of its class A common stock at $14 per unit, for estimated gross proceeds around $280 million, excluding the underwriters option to purchase additional shares.
With the closing of the IPO, Newmark's stockholders now own 8.7% of the company's 230.6 million fully diluted outstanding shares, or 9.8% of Newmark's 233.6 million fully diluted outstanding shares if the underwriters fully exercise their option to purchase up to 3 million additional shares of Newmark's class A common stock, according to a press release issued by Newmark and BGC.
Shares of Newmark, which is being spun off from BGC Partners Inc., began trading on the Nasdaq Global Select Market under the NMRK symbol on Dec. 15.
Goldman Sachs & Co. LLC, BofA Merrill Lynch and Citigroup acted as joint book-running managers for the offering.
Cantor Fitzgerald & Co. was the IPO's book runner. PNC Capital Markets LLC, Mizuho Securities, Capital One Securities and Keefe Bruyette & Woods were passive book runners for the IPO, and Sandler O'Neill + Partners LP, Raymond James, Regions Securities LLC, CastleOak Securities LP and Wedbush Securities acted as co-managers for the offering.
