{"id":1004247272,"date":"2018-08-03T04:46:10","date_gmt":"2018-08-03T12:46:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004247272"},"modified":"2022-12-08T15:47:33","modified_gmt":"2022-12-08T23:47:33","slug":"cushman-wakefield-ipo-yields-765m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-ipo-yields-765m\/","title":{"rendered":"Cushman & Wakefield IPO Yields $765M"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"John<\/a>

John Forrester, Cushman & Wakefield<\/p><\/div>\n

\u201cElated. Exhausted,\u201d<\/em> is how John Forrester, president of Cushman & Wakefield Inc., felt on the afternoon of the commercial real estate services firm\u2019s initial public offering on August 2, according to comments he made to Commercial Property Executive<\/em>. The company, now officially named Cushman & Wakefield plc and trading on the New York Stock Exchange under the symbol CWK, raised $765 million in the IPO.<\/p>\n

Cushman & Wakefield, a company with $6.9 billion in revenue in 2017 and a staff of roughly 48,000 employees in 70 countries, sold 45 million ordinary shares to the public at a price of $17.00 per share. The offering was 3.5-times oversubscribed and, as Forrester noted, marked the second-biggest IPO ever in real estate services.<\/p>\n

\"Cushman<\/a>

Cushman & Wakefield, NYSE bell ringing<\/p><\/div>\n

The IPO comes three years after Cushman & Wakefield merged with competitor DTZ<\/a>\u2014which had just merged with Cassidy & Turley\u2014to become one of the largest commercial real estate services firms in the world. \u201cBringing those three companies together, we had to invent a new company and then we started doing everything in the way we thought world-class businesses of the future were going to do things,\u201d<\/em> Forrester said. \u201cIt allowed us to leapfrog all of our peer groups. And once we finished that, we got back to our business of growing the company.\u201d<\/em><\/p>\n

It was work that paved the way for another major move: going public. \u201cWith our great revenue growth seen all through 2017 and 2018 to date, our great infrastructure and great numbers\u2014it\u2019s just the right time for us<\/em>,\u201d he added.<\/p>\n

Partial view from the outside<\/strong><\/h2>\n

Upon Cushman & Wakefield\u2019s June 20 filing of a registration statement for its IPO, some industry watchers were quick to question the company\u2019s decision, pointing to certain risk factors it had conceded to, including indebtedness. In the filing, Cushman & Wakefield noted that it would direct approximately $470 million in proceeds from the IPO to reduce indebtedness. The plan remains intact; Forrester confirmed that proceeds will be utilized to pay down indebtedness. \u201cWe will actually be quite strong. We\u2019ll have a lot of liquidity,\u201d<\/em> he continued.<\/p>\n

Forward looking<\/strong><\/h2>\n

Cushman & Wakefield stands to pocket additional funds, as the company granted the underwriters a 30-day overallotment option of up to an additional 6,750,000 ordinary shares, which would yield $114.8 million.<\/p>\n

With the IPO in the rearview mirror, Cushman & Wakefield is bullish about the next period and expects to continue to see growth. \u201cOur business is robust in terms of its new mix that has recurring revenue, contract-based revenue. We have very strong cash flow and we also have a very strong market position,\u201d<\/em> Forrester concluded. \u201cThe headlines are: the company\u2019s in fantastic shape; it\u2019s got the best management in the whole industry, everybody knows that; the hiring we\u2019re doing; and we\u2019re taking market share right across the world.\u201d <\/em><\/p>\n

Images courtesy of Cushman & Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

After the second-largest initial public offering for a real estate services company, the firm will use proceeds to pay down debt and pursue its growth strategy. <\/p>\n","protected":false},"author":969,"featured_media":1004247284,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,23891,21742],"tags":[32799],"class_list":["post-1004247272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-national","category-latest","tag-cushman-wakefield"],"acf":[],"yoast_head":"\nCushman & Wakefield IPO Yields $765M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-ipo-yields-765m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cushman & Wakefield IPO Yields $765M\" \/>\n<meta property=\"og:description\" content=\"After the second-largest initial public offering for a real estate services company, the firm will use proceeds to pay down debt and pursue its growth strategy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-ipo-yields-765m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-03T12:46:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:47:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/John-Forrester-Cushman-Wakefield.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cushman-wakefield-ipo-yields-765m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cushman-wakefield-ipo-yields-765m\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Cushman & Wakefield IPO Yields $765M\",\"datePublished\":\"2018-08-03T12:46:10+00:00\",\"dateModified\":\"2022-12-08T23:47:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cushman-wakefield-ipo-yields-765m\\\/\"},\"wordCount\":504,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cushman-wakefield-ipo-yields-765m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/08\\\/John-Forrester-Cushman-Wakefield.jpg\",\"keywords\":[\"Cushman & Wakefield\"],\"articleSection\":[\"Featured\",\"Investment\",\"National\",\"News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cushman-wakefield-ipo-yields-765m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/cushman-wakefield-ipo-yields-765m\\\/\",\"name\":\"Cushman & Wakefield IPO Yields $765M - 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