LOS ANGELES-Marcus & Millichap Inc. begins trading on its initial public offering today with 6 million shares of common stock at a public price of $12 per share. GlobeSt.com had exclusively reported that Marcus & Millichap filed paperwork for an IPO in an earlier story. The shares will trade on the New York Stock Exchange with the ticker symbol MMI.

Of the 6 million shares, the company is offering 2,726,587 shares and the remaining 3,273,413 shares will be offered by selling stockholders. Underwriters will be given a 30-day option to purchase up to 900,000 shares of common stock under the same conditions. After this option, Marcus & Millichap expects to earn net proceeds of $34.6 million from the offering, but will not receive any proceeds from the selling stockholders. The proceeds from the offering will be used for general corporate purposes.

Citigroup and Goldman, Sachs & Co. are joint book runners for the offering while MP Securities and William Blair are lead managers.

In other IPO news, GlobeSt.com reported that Rexford Industrial filed an IPO and raised $224 million at the closing bell of its first day earlier this year. Shares were priced at $14.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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