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Marcus & Millichap sets terms for $90 million IPO

By: Renaissance Capital
Posted: 10/21/2013 8:52:00 AM
Referenced Stocks: MMI

Marcus & Millichap, a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, announced terms for its IPO on Monday. The Calabasas, CA-based company plans to raise $90 million by offering 6.0 million shares (45% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Marcus & Millichap would command a market value of $531 million.

Marcus & Millichap, which was founded in 1971 and booked $414 million in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol MMI. Marcus & Millichap initially filed confidentially on June 14, 2013. Citi and Goldman Sachs are the joint bookrunners on the deal.