KUALA LUMPUR, Aug 2 (Bernama) -- Cushman & Wakefield plc (Cushman & Wakefield) has announced the pricing of its initial public offering of 45 million of its ordinary shares at US$17 (RM 69.19) per share to the public. (US$1 = RM 4.07)
The company expects to use the net proceeds from the ordinary shares offered to reduce outstanding indebtedness, in particular to repay its second lien loan and outstanding amount of the deferred payment obligation related to its acquisition of Cassidy Turley, and any remaining net proceeds for general corporate purposes.
The shares will be listed on the New York Stock Exchange and will trade under the symbol "CWK " beginning Aug 2, 2018.
In a statement, the company said it has granted the underwriters a 30-day option to purchase up to an additional 6.75 million ordinary shares at the public offering price less underwriting discounts and commissions.
Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC and UBS Investment Bank are acting as joint book-running managers and representatives of the underwriters for the offering.
Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. The firm had revenue of US$6.9 billion in 2017 across core services of property, facilities and project management, leasing, capital markets and other services.
--BERNAMA
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