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Newmark Team Rings Opening Bell as IPO Launches

The services firm, founded in New York City nearly 90 years ago, will tell “a better, more focused story as a standalone entity,” according to its registration statement earlier this year.

By Paul Bubny | Updated on December 15, 2017

Photo of Barry Gosin Newmark CEO Barry Gosin and others rang the opening bell at Nasdaq headquarters Friday morning.

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.

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