SmartStop Self Storage REIT Climbs After $810 Million US IPO
Michael Schwartz, center, rings the opening bell on the floor of the New York Stock Exchange (NYSE) in New York on April 2.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
SmartStop Self Storage REIT Inc. gained in its market debut after the self-storage real estate investment trust raised $810 million in an initial public offering, pricing its shares in the bottom half of a marketed range.
The company’s shares closed at $32.75 each on Wednesday, 9.2% above the $30 per share initial public offering. On Tuesday, SmartStop sold 27 million shares at $30 apiece. The Ladera Ranch, California-based company had initially marketed its 27 million shares for $28 to $36 apiece before lowering the price range to $28 to $35 on Friday.