BISNOW: Cushman & Wakefield is the third-largest global player in the commercial brokerage space, trailing only CBRE and JLL. Global giants CBRE, JLL, Colliers International and Newmark Knight Frank have market caps totaling $16.3B, $7.7B, $3.2B and $2.2B, respectively.

Global commercial real estate services firm Cushman & Wakefield launched its initial public offering late Thursday morning, selling 45 million shares for $17 a piece in hopes of raising $765M.  

C&W began trading on a high note, pricing 5.9% above its IPO price on the New York Stock Exchange under the ticker CWK. MarketWatch reports the first trade came in at $18 for 3.5 million shares around 10:18 a.m. The $765M goal values the company at around $3.1B, not including debt. 

Cushman is the second commercial brokerage to go public in the past year. Competitor Newmark Group went public in December in an IPO that fell short of expectations due to concerns regarding poor IPO timing and pricing confusion. 

When Cushman filed its paperwork with the Securities and Exchange Commission in June, the company initially sought to sell about $810M worth of shares at $16 to $18 a pop. Prior to that, whispers circulated that the brokerage giant was seeking to raise $1B through an IPO that would value the company at around $5B.