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- Cushman & Wakefield filed to go public on Wednesday.
- The company earned $6.92 billion in revenues last year, the regulatory filing showed.
- It's counting on the continued growth of commecial real estate around the world.
The commercial real estate giant Cushman & Wakefield has filed for an initial public offering.
The filing, published on Wednesday, showed the company is betting on the continued growth of commercial real estate around the world, and greater participation from institutional investors in the property market.
Cushman & Wakefield employs about 48,000 people worldwide and operates in 70 countries. Its revenues have grown every year since 2015 and totaled $6.92 billion in 2017, the filing showed. As at the end of March, the company had over $3 billion in long-term debt.
Cushman & Wakefield has made a number of acquisitions to become one of the largest commercial real estate companies in the world. It merged with DTZ Global and acquired Cassidy Turley, a private CRE firm, and C&W Group.
The filings noted that a key risk to the company's business is the stability of credit markets.
The Real Deal earlier reported that the company spoke to bankers and advisors about an IPO for several years.
Cushman & Wakefield's IPO follows the listing by fellow commercial brokerage Newmark Knight Frank. That stock peaked at $16.66 in late-January, but is still up nearly 9% from its debut in December.
Morgan Stanley, JPMorgan, Goldman Sachs, and UBS are the lead underwriters for Cushman & Wakefield's IPO.