Real estate brokerage Marcus & Millichap files for $103.5 million IPO
(Reuters) - Real estate brokerage Marcus & Millichap Inc filed with U.S. regulators to raise up to $103.5 million in an initial public offering of common stock.
The national brokerage firm specializes in commercial real estate investment sales, financing, research and advisory services. It has more than 1,100 investment sales and financing professionals in 73 offices.
Citigroup, Goldman, Sachs & Co, JMP Securities and William Blair were underwriting the IPO, the company told the U.S. Securities and Exchange Commission in a preliminary prospectus. (link.reuters.com/kew33v)
Marcus & Millichap said it expects to use the net proceeds for general corporate purposes, including buying real estate businesses or companies, capital expenditures and working capital to expand its markets and services.
Sales of properties priced at $1 million and above in the commercial real estate sector jumped 41 percent to more than $340 billion in 2012.
Marcus & Millichap closed more than 6,100 sales and financing transactions worth about $22 billion last year.
The Calabasas, California-based company reported a profit of $27.9 million on revenue of $385.7 million in 2012, up from $13.5 million in profit and $274.7 million in revenue a year earlier.
Marcus & Millichap's filing did not reveal how many shares the company planned to sell or their expected price.
The company, founded in 1971, intends to list its common stock on the New York Stock Exchange under the symbol "MMI."
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Varun Aggarwal in Bangalore; Editing by Joyjeet Das)
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