NEW YORK CITY–Cushman & Wakefield plans to sell 45 million shares in its initial public offering at $16 to $18 each, generating as much as $810 million in proceeds, according to a regulatory filing. At the midpoint the firm would make $719.3 million, after costs. Furthermore the underwriters have the option of to purchase up to 6.75 million shares and if fully exercised, the proceeds could reach $931.5 million.
Private-equity firm TPG, which owns C&W along with PAG Asia Capital and Ontario Teachers’ Pension Plan, acquired the company in 2014 for $3.5 billion. About half of the proceeds from the IPO are expected to pay down its $3 billion in debt.
The company will trade under the ticker CWK on the New York Stock Exchange.
C&W filed to go public with rumors circulating that it hoped to raise at least $1 billion from the offering.