New York - BGC Partners has announced today that Newmark Group, Inc., a wholly owned subsidiary of BGC that will hold BGC's Real Estate Services business, has launched a roadshow for the initial public offering (IPO) of its Class A common stock.
Newmark has applied to list its Class A common stock on the NASDAQ Global Market under the symbol "NMRK." The IPO price is currently expected to be between $19.00 and $22.00 per share. Newmark is offering 30 million shares of its Class A common stock in the IPO. The underwriters will also have a 30-day option to purchase up to 4.5 million additional Class A shares at the IPO price, less underwriting discounts and commissions.
Goldman Sachs & Co. LLC, BofA Merrill Lynch, and Citigroup are acting as joint book-running managers for the offering. Cantor Fitzgerald & Co. is acting as a book-runner for the offering.