Tag Archives: asking

Update: Newmark IPO Closes Above Revised Asking Rate

CRE’s Newest Publicly Traded Solutions Business Closes IPO 9.5% Above Friday Share Rate

Newmark and BGC Partners executives commemorate the opening of Newmark Group’s IPO by ringing the opening bell at Nasdaq on Friday.

Credit: Nasdaq Stock Market

Newmark Group, Inc. (Nasdaq: NMRK)today completed its initial public offering of 20 million shares of typical stock, generating a 9.5% return after downsizing its targeted IPO before trading began Friday morning.

Shares of Newmark, which is spinning off from its openly traded moms and dad BGC Partners, Inc. (Nasdaq: BGC), closed at $15.34 on Tuesday, a gain of 5% from Monday’s closing rate. The New york city City based company, which includes Newmark Knight Frank, downsized its targeted going public about 53% prior to the stock’s Friday launching, providing 20 million shares sold at in between $14 and $15 per share instead of the oroginally prepared 30 million shares priced at between $19 and $22 per share.

At the close of the IPO, Newmark public investors owned about 14.7% of the Class A typical stock, with 135.6 million shares exceptional, which could increase to 16.6% or 138.6 million shares outstanding if underwriters completely exercise their option to purchase up to an extra 3 million shares of its Class A common stock at the IPO rate over the next One Month.

On a completely diluted basis, Newmark’s public shareholders owned about 8.7% of Newmark’s 230.6 million shares outstanding, or approximately 9.8% of Newmark’s 233.6 million fully diluted shares exceptional if the underwriters exercise in full their choice to acquire extra shares of Newmark’s Class A typical stock. Completely diluted shares are the total variety of shares if all convertible securities of a business were exercised.

BGC Partners Chairman Howard W. Lutnick and Barry M. Gosin, chief executive office of NKF, rang the opening bell at the Nasdaq MarketSite in Times Square on Friday in honor of the IPO opening. BGC will keep all Newmark’s issued and outstanding Class B common stock shares following the offering’s completion.

Goldman Sachs, BofA Merrill Lynch, Citi, Cantor Fitzgerald, PNC Capital Markets, Mizuho Securities, Capital One Securities and Keefe Bruyette Woods are the joint book runners on the IPO.

Editor’s note: This upgrade includes Tuesday’s IPO closing price.

Legislature OKs asking voters about dissolving city of Ely

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Ryan Greene/Las Vegas Sun

An American flag waves in the range in downtown Ely as seen from the UNLV football practice at Broadbent Park, Aug. 14, 2009.

Wednesday, May 20, 2015|11:21 p.m.

CARSON CITY– Nevada lawmakers have authorized a procedure that would let voters in the small Nevada municipality of Ely to weigh in on possibly liquefying the city.

Assembly members voted 23-18 on Wednesday night to approve SB238. The procedure unanimously passed the Senate in April and now goes to Gov. Brian Sandoval for approval.

The step would create a non-binding 2017 advisory tally question to break up the city of Ely and instead form a town that would be governed by White Pine County.

Fans said the step would conserve money by reducing duplicated government services. The measure was amended to end up being a non-binding advisory concern after Ely city officials highly opposed the step.

Ely has a population of about 4,000 and depends on eastern Nevada.