BGC Partners Reduces Size of Newmark Group IPO

December 18, 2017

BGC Partners Reduces Size of Newmark Group IPO

December 15, 2017 | James Sprow | Blue Vault

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Newmark Group, a commercial real estate brokerage and advisory firm carved out of BGC Partners, lowered the proposed deal size for its upcoming IPO on Thursday.

The New York, an NY-based company now plans to raise $290 million (53% less than previously anticipated) by offering 20 million shares at a price range of $14 to $15. The company had previously filed to offer 30 million shares at a range of $19 to $22. At the midpoint of the revised range, Newmark Group will command a fully diluted market value of $3.3 billion.

Newmark Group was founded in 1929 and booked $1.5 billion in revenue for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol NMRK. Goldman Sachs, BofA Merrill Lynch, Citi, Cantor Fitzgerald, PNC Capital Markets, Mizuho Securities, Capital One Securities and Keefe Bruyette Woods are the joint bookrunners on the deal.

About BGC Partners, Inc.

BGC Partners is a leading global brokerage company servicing the financial and real estate markets. BGC owns GFI Group Inc., a leading intermediary, and provider of trading technologies and support services to the global OTC and listed markets. BGC’s Financial Services offerings include fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, and structured products. BGC provides a wide range of services, including trade execution, broker-dealer services, clearing, trade compression, post-trade, information, and other services to a broad range of financial and non-financial institutions.

About Newmark Group, Inc.

Newmark is a full-service commercial real estate services business that offers a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry through brands, including Newmark Knight Frank, Newmark Cornish & Carey, Apartment Realty Advisors (“ARA”), Computerized Facility Integration, and Excess Space. Newmark’s investor/owner services and products include capital markets, which consists of investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under other trademarks and names like Berkeley Point and NKF Capital Markets, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Newmark’s occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management.

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