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Postal Realty Trust prices IPO below the range at $17


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Postal Realty Trust, a recently-formed REIT that manages and leases properties to the USPS, raised $77 million by offering 4.5 million shares at $17, below the $19 to $21 range. The REIT had originally filed to raise $100 million by offering 5.0 million shares at the $20 midpoint. At pricing, Postal Realty Trust commands a market value of $114 million.

Postal Realty Trust plans to list on the NYSE under the symbol PSTL. Stifel, Janney Montgomery Scott, BMO Capital Markets and Height Capital Markets acted as lead managers on the deal.

From the company's press release:
The company is an internally managed real estate investment trust that will own and manage properties leased to the United States Postal Service, or USPS. Upon completion of the offering and related formation transactions, the company will own and manage an initial portfolio of 271 postal properties located in 41 states comprising 871,843 net leasable interior square feet, all of which are leased to the USPS, and through its taxable REIT subsidiary will provide fee-based third party property management services for an additional 404 postal properties leased to the USPS and owned by family members of Andrew Spodek, the company's chief executive officer, and their partners.

The article Postal Realty Trust prices IPO below the range at $17 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

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





This article appears in: News Headlines , IPOs



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