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Thursday, Jun 1, 2023

Marcus & Millichap to Go Public

Commercial real estate brokerage Marcus & Millichap Inc. has announced its plans to go public. The Calabasas firm plans to raise $103.5 million in its IPO, according to a prospectus filed with the Securities and Exchange Commission on Monday. The company said it plans to use the proceeds from its offering for general purposes, which could include acquiring other real estate companies and expanding its market and services. Marcus & Millichap did not disclose how many shares it plans to sell or at what price. The brokerage reported its profits rose last year 105 percent to $27.9 million over 2011. Revenue was up 40 percent to $386 million. The firm closed 6,149 sales and financing deals worth about $22 billion last year. It has more than 1,000 brokers in about 75 offices nationwide. Marcus & Millichap was founded in 1971 and intends to be listed on the New York Stock Exchange under the ticker “MMI.” Citigroup, Goldman, Sachs & Co, JMP Securities and William Blair are underwriting the offering. Chief Executive John Kerin declined comment to the Business Journal, stating the company is in a “silent period.” No date has been given for the offering.

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