Shares of Cushman & Wakefield plc (CWK) fell -6.51% to trade at $17.80 after-hours, according to last check. The price of CWK stock closed Wednesday’s session at $19.04, up 1.98% from Tuesday. CWK stock volume remained at 1,29 million shares, higher than the average daily volume of 1.26 million shares for the last 50 days. CWK stock has gained 65.85% over the past 12 months, and it has moved up by 0.47% in the past week.
Within the past three months, CWK stock has risen 3.70% and shed 21.66% over the last six months. According to CWK’s current market capitalization, it has 222.30 million outstanding shares and a market value of $4.36 billion. Following the public offering of its ordinary shares, CWK’s stock price plummeted.
Who has offered the CWK Stock shares?
Cushman & Wakefield, a real estate services firm with a global footprint offering exceptional value to occupiers and owners, is a global leader in real estate services. CWK has approximately 50,000 employees across 400 offices and 60 countries, making it one of the largest real estate services firms. CWK’s revenues from property, facilities, project management, leasing, capital markets, valuation, and other services totaled $7.8 billion in 2020.
Cushman & Wakefield yesterday announced the launching of an underwritten public offering of 12,500,000 ordinary shares. CWK will not receive any of the proceeds from this IPO since the shares are being offered by existing shareholders. Underwriters may offer the shares for sale to the public from time to time, in negotiated or unnegotiated transactions, at market prices prevailing at the time of sale, or at prevailing market prices related to those prices. TPG and PAG Asia Capital are among the CWK shareholders selling their shares.
There will be an option for the underwriters to purchase up to 1,875,000 ordinary shares of CWK from the selling shareholders within 30 days. Joint-bookrunning managers for the offering are JP Morgan and Goldman Sachs & Co LLC. The Securities and Exchange Commission (“SEC”) has approved an automatic shelf registration statement relating to common shares of CWK slated for sale in the offering.
Yet another move in collaboration:
Cushman & Wakefield and WeWork have recently announced an exclusive strategic partnership to market WeWork’s management experience platform and jointly developed solutions to landlords and businesses. CWK’s industry-leading asset and facilities management services are combined with WeWork’s proprietary platform of workplace experience management software to provide clients with best-in-class office operations. Through this partnership, Cushman & Wakefield (CWK) and WeWork will unlock opportunities to help landlords and businesses provide tenants and employees with a more differentiated workplace experience. Flexibility is paramount in today’s new hybrid workplace.
