The initial public offering of Marcus & Millichap Inc. went to market at a lower price than expected on Thursday, but then the Calabasas real estate brokerage saw its shares gain nearly 12 percent on their first day of trading.

Shares, which were offered at $12, closed at $13.49, for a 11.8 percent gain on the New York Stock Exchange. Shares trade under the ticker “MMI.”

The Calabasas firm said in a regulatory filing last week that it had expected to offer 6 million shares at a price of $14 to $16, raising $90 million. Instead, it raised $72 million in an IPO that valued the company at $420 million.

The company offered about 2.7 million shares, while about 3.3 million shares were offered by existing stockholders, including the founders and management. Marcus & Millichap expects net proceeds of about $34.6 million, after deducting underwriting discounts and estimated offering expenses.

Underwriters have the option to purchase up to an additional 900,000 shares at the initial offering price less an underwriting discount.