Newmark Preps For Roadshow Ahead Of Planned $615M IPO
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Newmark Group Inc. will launch its roadshow this week in preparation for its $615M initial public offering.
The subsidiary of BGC Partners Inc. will travel to analysts, fund managers and potential buyers with a series of presentations in hand to discuss its plan to sell 30 million shares of Class A common stock for a price tag of between $19 and $22 per share. The IPO could put the company at an estimated market valuation of $3.3B, CoStar reports.
Newmark has gone through a number of changes in recent months, including a major rebrand that took place in June and saw it drop Grubb from its name in preparation for the IPO. In October, Jeffrey Gural stepped down as NKF chairman in order to serve as chairman of Newmark Holdings, which has since been rebranded as GFP Real Estate.
Cushman & Wakefield is also expected to launch an IPO in the new year after holding informal meetings with banks last January to discuss structuring an IPO. There has been no update about the potential public offering since the beginning of the year.