Aspire Real Estate Investors sets IPO terms, to be valued at about $327 million

/ / News

Aspire Real Estate Investors Inc. disclosed Friday that it has set terms for its initial public offering, in which the real estate investment trust formed to invest in and manage affordable workforce multifamily housing expects to raise about $300 million. The REIT is offering 15 million shares in the IPO, which it expects to price at $20.00. With 16.34 million shares expected to be outstanding after the IPO, the pricing values the REIT at about $326.8 million. The stock is expected to list on the NYSE under the ticker symbol “ASPI.” Morgan Stanley, B. Riley Securities, Wells Fargo Securities, BMO Capital Markets and KeyBanc Capital Markets are the joint book-running managers. For the nine months ended Sept. 30, the company reported net income of $67,000 on revenue of $11.55 million, after a net loss of $153,000 on revenue of $11.42 million in the same period a year ago. The REIT is looking to go public at a time that the Renaissance IPO ETF has rallied 21.5% year to date, the SPDR Real Estate Select Sector ETF has slipped 0.7% and the S&P 500 has gained 4.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.