Finance History | 11 Wall Street — Twenty Dollars for Seventy-Seven Million Rental Shares
· 2017-2
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Finance History | 11 Wall Street — Twenty Dollars for Seventy-Seven Million Rental Shares
kevin
People treat Invitation Homes as a Dallas landlord that always printed INVH after a finished New York book.
The February 2017 issuer was Invitation Homes Inc., a Maryland real-estate investment trust that Blackstone had built as a single-family rental platform after 2012.
A company release dated 31 January 2017 priced 77,000,000 common shares at $20.00 a share in 2017 dollars.
The same release said the shares would list on the New York Stock Exchange under INVH beginning 1 February 2017, with settlement expected on 6 February.
Contemporaneous reporting put the raise at $1.54 billion in 2017 dollars and called it the largest U.S.-listed REIT offering since Paramount Group in 2014.
The S-11 prospectus registered the 77 million share primary book plus an 11,550,000-share underwriter option.
A later company earnings release dated the Starwood Waypoint Homes merger to 16 November 2017, after which the listed name stayed INVH.
The letters INVH still open on this exchange.
The mechanism is a private-equity rental book becoming a listed REIT tape, then absorbing a second listed rental book without changing the ticker.
The pin is the Broad Street facade of the Exchange on the morning INVH opened.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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