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Marcus & Millichap Prices 6 Mln Shares IPO At $12/Shr - Quick Facts

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Marcus & Millichap, Inc. reported its initial public offering or IPO of 6 million common shares at a price to the public of $12.00 per share. The shares would begin trading on October 31, 2013, on the New York Stock Exchange under the ticker symbol "MMI." Of the shares in the offering, 2.73 million shares are being offered by Marcus & Millichap, Inc. and about 3.27 million shares are being offered by selling stockholders. Further, the underwriters were granted a 30-day option to buy up to an additional 900,000 shares.

Total net proceeds from the offering, after deducting the underwriting discount and estimated offering expenses, would be around $34.6 million. The firm plans to use it 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 would not receive any proceeds from the sale of shares by the selling stockholders.

Following the IPO completion, Marcus & Millichap Real Estate Investment Services, Inc. would be a subsidiary of Marcus & Millichap, Inc. Citigroup and Goldman, Sachs & Co. are acting as joint book runners for the offering. JMP Securities and William Blair are acting as lead managers.

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by RTT Staff Writer

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