Real estate brokerage firm Cushman & Wakefield, which filed for an IPO this week, could seek to raise as much as $1 billion at a valuation of over $5 billion, the Wall Street Journal reported.
In its SEC filing, the firm said it plans to raise up to $100 million but the WSJ report said the amount could be enlarged to around $1 billion.
The IPO will be underwritten by Morgan Stanley, JPMorgan Chase & Co, Goldman Sachs and UBS Group.
The proceeds raised will be used to reduce debt and for general corporate purposes. Currently, TPG is the largest shareholder of Cushman & Wakefield with a 44.7 per cent stake, followed by PAG Asia Capital (33.6 per cent) and Ontario Teachers’ (11.7 per cent).
The brokerage firm’s IPO plans were first reported by Bloomberg, as Cushman & Wakefield began to hold informal meetings with banks last year for an IPO. Previous owners of the firm included media conglomerate RCA Corp and the Rockefeller Group.
Cushman & Wakefield was acquired by DTZ in September 2015 for $2 billion. In its SEC filing, Cushman & Wakefield noted that it posted a net loss of $92 million for the first quarter of 2018.
Founded in 1917 in New York, Cushman and Wakefield now has over 400 offices across 70 countries.
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