NEW YORK — BGC Partners, Inc. (NASDAQ: BGCP) (“BGC”) announced that it has submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of the Class A common stock of a newly formed subsidiary that will hold BGC’s Real Estate Services business, which operates as “Newmark Grubb Knight Frank”, or “NGKF”.
The number of Class A shares to be offered and the price range for the proposed offering have not yet been determined, the company said in a statement.
The initial public offering is part of BGC’s plan to separate its Real Estate Services business into a separate public company.
Following some period after the expected offering, BGC may, subject to market and other conditions, distribute the shares that BGC will hold of the newly formed subsidiary pro rata to BGC’s stockholders in a manner intended to qualify as tax-free for U.S. federal income tax purposes, the statement said.
