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DALLAS-Without missing a beat on its IPO march, HFF Inc. has moved into the publicly traded world, launching a 14.3-million share sale to raise $257.4 million. Trading as HF, more than 6.2 million shares, priced at $18 each, had sold by press time.

Last week, sources tipped off GlobeSt.com that the IPO would hit the streets today. In a last-minute change, HFF yesterday filed SEC papers for an $18 per class A share offering instead of the previously planned $15 to $17 pricing. The goal is to gross at least $214.5 million as previously reported.

The joint book-running managers are Goldman, Sachs & Co. and Morgan Stanley & Co. Inc. Co-managers for the offering are Banc of America Securities LLC, Wachovia Capital Markets LLC, JPMorgan Securities Inc. and Lehman Brothers Inc. The underwriters also have a 30-day option to buy an additional 2.14 million shares to cover any over-allotments.

Analyst David Menlow of Millburn, NJ-based IPO Financial Network predicted the HFF IPO would be favorably received. The primary hurdle, he had told GlobeSt.com, was overcoming investors' "misperception that real estate in general is not the right place to be with their money." And that, he added, could set up a scenario that "they could miss what could be a good offering."

Today's NYSE bell culminated nearly one year of planning by HFF's executive committee, led by John J. Pelusi Jr. in Pittsburgh, managing member of HFF Holdings. The company filed its SEC registration in November 2006.

Instant Insights /

HFF Begins NYSE Trading, Seeks Nearly $258M

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