Walker & Dunlop, Inc. (NYSE: WD), a provider of commercial real estate financial services focused on multifamily lending, has announced the pricing of its initial public offering. The offering is 10 million shares of common stock at a price of $10.00 per share. Of the offering, the company is offering 6,666,667 shares of common stock and selling holders are offering 3,333,333 shares.
This appears to be a price well below its indicated range. When we looked at the price range expected, that was originally the 10 million shares but the expected price range was $14.00 to $16.00 per share.
Credit Suisse Securities, Keefe Bruyette & Woods, and Morgan Stanley are listed as the joint book-running managers; co-managers are listed as William Blair, JMP Securities, and Stifel Nicolaus. The underwriting syndicate has been granted a 30-day option to purchase up to an additional 1,500,000 shares at the initial public offering price to cover overallotments, if any.
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JON C. OGG
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