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Apartment REIT Independence Realty prices IPO at $8.50, below the range

By: Renaissance Capital
Posted: 8/13/2013 10:03:00 AM
Referenced Stocks: IRT

Independence Realty Trust,an apartment REIT managed by RAIT Financial that owns eight properties in GA, AZ, CO, IN, TX and VA, raised $34 million by offering 4 million shares at $8.50, below the range of $10 to $11. Independence Realty Trust, which now commands a market cap of $82 million, will list on the NYSE MKT under the symbol IRT. Ladenburg Thalmann & Co, William Blair, JMP Securities and Compass Point acted as joint bookrunners on the deal.