Apartment REIT Independence Realty sets terms for $42 million IPO

By
A A A

Independence Realty Trust, a REIT that owns eight apartment properties containing over 2,000 apartment units, announced terms for its IPO on Friday. The Philadelphia, PA-based company plans to raise $42 million by offering 4.0 million shares at a price range of $10 to $11. At the midpoint of the proposed range, Independence Realty Trust would command a fully diluted market value of $101 million. Independence Realty Trust, which was founded in 2009 and booked $16 million in revenue for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol IRT. Ladenburg Thalmann & Co., William Blair, JMP Securities and Compass Point are the joint bookrunners on the deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , IPOs

Referenced Stocks: IRT

Renaissance Capital

Renaissance Capital

More from Renaissance Capital:

Related Videos

Stocks

Referenced

Most Active by Volume

88,066,694
  • $97.19 ▲ 2.61%
58,241,731
  • $71.29 ▲ 2.92%
51,058,864
  • $44.87 ▲ 0.09%
48,927,829
  • $28.75 ▲ 0.81%
46,551,917
    $15.52 unch
40,249,498
  • $3.46 ▼ 0.57%
38,633,031
  • $22.43 ▼ 9.63%
38,240,825
  • $34.71 ▲ 3.30%
As of 7/23/2014, 04:04 PM