Commercial Giant Makes Stock Market Debut | Realtor Magazine
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Commercial real estate giant Cushman & Wakefield made its debut on the stock market on Thursday, with shares jumping up to 7 percent in its initial public offering on the first day of trading. Cushman ended Thursday trading at $17.81 per share on the New York Stock Exchange.
The company offers brokerage, property management, and other services. It went public to continue its long-running expansion in the commercial property market, The Wall Street Journal reported.
“Being public gives us a currency where we can accelerate our growth even above where it has been these days,” Brett White, CEO of Cushman, told CNBC.
Cushman plans to use the IPO proceeds to pay down its $3 billion in debt.
The stock is listed on the New York Stock Exchange under the ticker CWK.
Cushman & Wakefield, based in Chicago, operates more than 3.5 billion square feet of commercial real estate. It employs about 48,000 people over 70 countries.
According to the latest quarterly forecast from the National Association of REALTORS®, the commercial real estate sector is expected to remain steady in 2017. Strengthening demand in smaller markets and…