Credit: Nasdaq Stock Market

Shares of Newmark Group, Inc. (Nasdaq: NMRK), the commercial real estate services industry’s newest publicly traded company, rose more than 4.7% Monday to close at $14.61, about 4% above the Friday price in their initial public offering launched on Friday.

Newmark, which is spinning off from its publicly traded parent BGC Partners, Inc. (Nasdaq: BGC) late last week scaled back its targeted initial public offering about 53% from the originally planned $615 million, with 30 million shares priced at between $19 and $22 per share, to $290 million, with 20 million shares sold at between $14 and $15 per share. The New York City based company, which includes Newmark Knight Frank, would have a diluted market value of $3.3 billion at the mid-point of its revised trading range.

Fueled by growing confidence that Congress and President Trump will succeed in adopting the first major tax reform legislation in more than three decades, the Dow Jones Industrial Average rose more than 150 points on Monday, while the Nasdaq eclipsed 7,000 for the first time. The DJIA has now climbed more than 5,000 points in a year for the first time in its 30-year history, and closer to the landmark total of 25,000.

BGC Partners Chairman Howard W. Lutnick and Barry M. Gosin, chief executive office of NKF, rang the opening bell at the Nasdaq MarketSite in Times Square on Friday in honor of the IPO opening.

BGC Partners will retain all of Newmark’s issued and outstanding Class B common stock shares after the offering’s expected Dec. 19 completion.

Goldman Sachs, BofA Merrill Lynch, Citi, Cantor Fitzgerald, PNC Capital Markets, Mizuho Securities, Capital One Securities and Keefe Bruyette Woods are the joint book runners on the IPO.