Real Estate Giant Cushman & Wakefield Climbs After IPO
(Bloomberg) -- Commercial real estate firm Cushman & Wakefield Plc rose as much as 7 percent in its trading debut after raising $765 million in its initial public offering.
The firm sold 45 million shares for $17 each after offering them for $16 to $18 apiece, according to data compiled by Bloomberg. The shares were up 3.2 percent to $17.55 at 11:16 a.m. Thursday in New York.
Cushman & Wakefield, whose owners include private equity firms TPG and PAG Asia Capital, has said it will use the proceeds to reduce debt and for general corporate purposes. It will also tap the proceeds to make deferred payments to employees who worked for Cassidy Turley, a brokerage that its predecessor agreed to buy in 2014.
Led by Chief Executive Officer Brett White, the Chicago-based firm has been expanding, including hiring Doug Harmon, the broker behind some of New York's highest-profile commercial-property deals.
Cushman & Wakefield has changed hands several times since 1917, when it was incorporated in New York. Previous owners have included media conglomerate RCA Corp. and the Rockefeller Group.
In 2015, Cushman & Wakefield merged with DTZ, a property services company that TPG, PAG Asia and the Ontario Teachers' Pension Plan Board purchased a year earlier from UGL Ltd., an Australian construction engineering firm.
Last year, Cushman & Wakefield had a net loss of $221 million on revenue of $6.9 billion, according to an IPO filing. The New York-based firm said its 48,000 employees at 400 offices in 70 countries manage about 3.5 billion square feet of commercial real estate.
Morgan Stanley, JPMorgan Chase & Co., Goldman Sachs Group Inc. and UBS Group AG led the offering. The shares are trading on the New York Stock Exchange under the symbol CWK.
To contact the reporter on this story: Alex Barinka in San Francisco at abarinka2@bloomberg.net
To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Michael Hytha
©2018 Bloomberg L.P.
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
