Global real estate firm Cushman & Wakefield (C&W) fetched $765 million in an initial public offering late on Wednesday, making the commercial real estate company worth about $3 billion, said the Commercial Observer.
The company, now trading on the New York Stock Exchange under the ticker symbol CWK, closed its first day of public ownership with a gain of 5 percent to $17.88 from its $17 debut.
The company plans to use the IPO proceeds to reduce outstanding debt, repay its second lien loan, to pay amounts related to its acquisition of Cassidy Turley, and for general corporate purposes.
In announcing the IPO, C&W noted it has 48,000 employees in approximately 400 offices and 70 countries, and in 2017 had revenues of $6.9 billion.
Citing industry research in regulatory documents, Cushman said the global commercial real estate industry is expected to grow at 5 per cent annually to more than $4tn in 2022, outpacing expected global gross domestic product growth.