Feb
02
Blackstone’s Invitation Homes Raises $1.5B in IPO
ByThe REIT’s portfolio consists of nearly 50,000 residences for lease concentrated in infill neighborhoods across the U.S.
Dallas—The initial public offering by Invitation Homes Inc. was priced at $20.00 per share for the 77 million shares being offered, the company announced Tuesday, giving the offering a total value of more than $1.5 billion.
And in an auspicious sign, on Wednesday morning, the first time that INVH stock traded on the NYSE, the share price opened at $20.10, according to The Wall Street Journal.
The offering is expected to close next Monday, Feb. 6, subject to customary conditions. The REIT, which will remain predominantly owned by Blackstone Group LP, has granted the underwriters a 30-day option to purchase up to a further 11.55 million shares at the IPO price, less underwriting discounts…
