Cushman & Wakefield indicated to open higher after IPO

|By:, SA News Editor

The company overnight priced its 45M share IPO at $17 each. It's currently indicated to open somewhere in the $17.50-$19.50 range.

Cushman has been owned by a group of private-equity players for the last four years, and is notable for its heavy debt load - $3.1B as of March 31, and some of the IPO proceeds will go towards paying that down a bit. The company also lost money in 2016, 2017, and Q1 of 2018. Don't look for any dividends anytime soon.

Peers include: CBRE Group (NYSE:CBRE), Newmark Group (NASDAQ:NMRK), and JLL (NYSE:JLL).

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