After two Cuts Final Pricing for IPO of Terreno Realty
The industrial real-estate investor Terreno Realty Corp, on Monday priced its initial public offering after cutting the deal-size twice. Raising almost $175 million, the company sold 8.75 million shares for $20 each. Initially, Terreno had filed to sell 15 million shares but the offering size was cut to 10 million shares in January and to 8.75 million shares on Monday again.
Terreno Realty intends to plans to acquire industrial real estate in six major U. S. coastal areas encompassing headquarters city of San Francisco, southern California, northern New Jersey, New York City, Baltimore and South Florida.
In a regulatory filing with the U. S. Securities and Exchange Commission Terreno said it may change its business, investment, leverage and strategies without the positive signal of stockholder.
Chairman and Chief Executive Blake Baird and President and Chief Financial Officer Mike Coke, without paying an underwriting discount, will acquire an additional 350,000 shares at the offering price. Terreno Realty will probably trade under the symbol of "TRNO” in New York Stock Exchange on Wednesday.
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