NEW YORK CITY—Newmark Group's management team rang the opening bell at Nasdaq headquarters Friday morning as the real estate services firm launched its initial public offering of 20 million shares at $14 per share. Shares began trading Friday on the NASDAQ Global Select Market under the symbol NMRK, and the IPO is expected to close Tuesday, subject to customary closing conditions.

BGC Partners, parent company of Newmark, filed plans with the SEC this past February to spin off the services business. In that filing, BGC enumerated some of the advantages of a Newmark spin-off, including direct access to the capital markets for both BGC and Newmark, “a better, more focused story as a standalone entity” and an improved climate for employee hiring, retention and motivation.

Following the close of the IPO, BGC is expected to own up to 85.3% of Newmark's class A common stock, a percentage that would drop to 83.4% if the underwriters exercise in full their option of buying up an additional three million shares. BGC will then make a tax-free distribution of Newmark shares to its own shareholders.