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NKF Operating Company Files for $100M IPO
Newmark Group, Inc. filed a $100-million IPO with the U.S. Securities and Exchange Commission, spinning off a newly-formed entity from parent, BGC Partners. NKF is being combined with Berkeley Point Capital, a provider of multifamily capital solutions, which BGC acquired in July 2017 for $875 million as a way to increase the scale and scope of Newmark.
BGC indicated in February 2017 it had confidentially submitted a draft registration statement on a proposed IPO for the unit. The proposed aggregate maximum offering totals up to $100 million, an estimate used to calculate the $12,450 registration fee. The number of shares to be offered and the price range for the proposed offering are undetermined.
The NY-based company was founded in 1929, and generated $1.5 billion in revenues for the 12 months ended June 30, 2017. The new entity will be listed on the Nasdaq under the symbol NMRK. Joint book runners on the deal include Goldman Sachs, BofA Merrill Lynch, Citi and Cantor Fitzgerald.
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