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C&W Sets Price For IPO

It plans to offer shares at $16 to $18 each for proceeds of $810 million.

1290 Avenue of the Americas, where Cushman & Wakefield’s New York offices are located/Google maps

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.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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