Rexford's IPO Terms Revealed
Rexford Industrial Realty Inc.'s revealed the estimated terms of its planned initial public offering. The initial public offering aimed to raise funds for mortgage debt repayment and other purposes.
Rexford Industrial Realty Inc. was a real estate investment firm that focused on real estate acquisition, management, and repositioning. Specifically, the company focused on Southern California properties that were abandoned or underutilized.
According to a SEC filing, for this particular IPO, the Rexford Industrial Realty Inc. expected to offer 16 million shares. These shares were expected to be priced between US$13 and US$15 per share. The plan that the firm filed in May was to raise up to US$300 million. In addition, it expects the shares to trade under the symbol REXR on the New York Stock Exchange.
Furthermore, Rexford Industrial Realty Inc. expected to hold 61 properties for rent plus 20 properties as its initial portfolio. The first set of properties would be around 6.7 million square feet, while the latter set would be 1.2 million square feet. Small- and medium-sized businesses are the company's targeted tenants.