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Newmark looks to raise about $575M in IPO

Newmark Group Inc. plans to offer 30 million shares of class A common stock in its IPO at between $19 and $22 per share.

The commercial real estate services firm is being spun off from BGC Partners Inc. At the midpoint of the estimated range, Newmark expects net proceeds from the offering to total about $575.0 million, or $662.2 million if the underwriters fully exercise their overallotment option to purchase an additional 4,500,000 shares.

Underwriters for the deal include Goldman Sachs & Co. LLC, Merrill Lynch Pierce Fenner & Smith Inc., Citigroup Global Markets Inc., Cantor Fitzgerald & Co., PNC Capital Markets LLC, Mizuho Securities USA LLC, Capital One Securities Inc., Keefe Bruyette & Woods Inc., Sandler O'Neill & Partners LP, Raymond James & Associates Inc., Regions Securities LLC, CastleOak Securities LP, and Wedbush Securities Inc.

The company has applied to list its shares on the Nasdaq under the symbol NMRK.