Marcus & Millichap Begins Trading at $12PPS

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.