CHICAGO - Cushman & Wakefield plc (NYSE: CWK), a global commercial real estate services firm, has announced an underwritten public offering of 26,513,041 ordinary shares by existing shareholders. The company itself will not be offering any shares and will not receive any proceeds from the sale.
The ordinary shares are to be sold by funds affiliated with TPG and PAG Asia Capital, with J.P. Morgan acting as the sole underwriter for the offering. The shares will be sold in negotiated transactions or otherwise, based on prevailing market prices or at prices related to such market rates.
The last reported sales price of Cushman & Wakefield’s ordinary shares was $11.72 per share on May 17, 2024. The offering is made through an automatic shelf registration statement filed with the Securities and Exchange Commission (SEC) on today's date and became effective upon filing.
Interested parties may obtain the prospectus supplement and accompanying prospectus for free by visiting the SEC’s website or by contacting J.P. Morgan Securities LLC. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.
Cushman & Wakefield operates in approximately 60 countries, with around 52,000 employees, and reported revenue of $9.5 billion in 2023. The firm provides a range of services including leasing, capital markets, valuation, and other services for property owners and occupiers.
InvestingPro Insights
As Cushman & Wakefield (NYSE: CWK) navigates the public offering landscape, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, the company has a current market capitalization of $2.68 billion, with a trailing twelve-month revenue of approximately $9.43 billion as of Q1 2024. Despite a slight revenue decline of 5.93% over the last twelve months, the firm's gross profit margin remains solid at 17.63%.
InvestingPro Tips highlight that Cushman & Wakefield is expected to see net income growth this year, which may be a positive sign for potential investors. Additionally, the company has been identified as a prominent player in the Real Estate Management & Development industry. On the other hand, analysts have expressed caution, with two having revised their earnings estimates downwards for the upcoming period. This mixed sentiment is reflected in the company's recent stock performance, which shows a significant return over the last week, with a price total return of 10.88%, and a remarkable 49.11% return over the past year, trading near its 52-week high.
For those looking to delve deeper into Cushman & Wakefield's performance and prospects, InvestingPro offers additional insights. There are currently 15 more InvestingPro Tips available, which can be accessed at https://www.investing.com/pro/CWK. Readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a more comprehensive understanding of the company's investment potential.
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