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Marcus & Millichap Inc Prices Initial Public Offering


Thursday, 31 Oct 2013 09:30am EDT 

Marcus & Millichap Inc announced that its initial public offering of 6,000,000 shares of its common stock at a price to the public of $12.00 per share. The shares will begin trading on October 31, 2013, on the New York Stock Exchange under the ticker symbol "MMI." Of the shares in the offering, 2,726,587 shares are being offered by Marcus & Millichap, Inc. and 3,273,413 shares are being offered by selling stockholders. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock on the same terms and conditions. Total net proceeds to the Company from the offering, after deducting the underwriting discount and estimated offering expenses, will be approximately $34.6 million. The Company intends to use the net proceeds from the offering for general corporate purposes, including capital expenditures and working capital to expand its services and potential acquisitions of real estate businesses or companies. The Company will not receive any proceeds from the sale of shares by the selling stockholders. Upon the completion of the initial public offering, Marcus & Millichap Real Estate Investment Services, Inc. will be a wholly owned subsidiary of Marcus & Millichap, Inc. Upon the completion of the initial public offering, Marcus & Millichap Real Estate Investment Services, Inc. will be a wholly owned subsidiary of Marcus & Millichap, Inc. 

Company Quote

39.98
0.78 +1.99%
21 May 2012