Marcus & Millichap IPO nets company $34.6 million

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Commercial brokerage and real estate investment services firm Marcus & Millichap Inc. says it netted $34.6 million after expenses in today’s initial public offering of 6 million shares priced at $12 a share.

About 2.7 million shares were offered by Marcus & Millichap itself, while existing stockholders offered another 3.3 million shares. In the first day of trading on the New York Stock Exchange, the company’s shares closed up nearly 12 percent, at $13.42.

The Calabasas, Calif.-based company said it will use proceeds from the IPO for “general corporate purposes, including capital expenditures and working capital to expand its services and potential acquisitions of real estate businesses or companies.” Source: marcusmillichap.com