Ares Commercial Real Estate Corp. (ACRE: Quote) said Thursday that it priced its initial public offering of 7.7 million shares of common stock at $18.50 per share, raising about $142.5 million in gross proceeds.
The company previously estimated to price the IPO between $19.00 and $20.00 per share.
Ares Commercial Real Estate has also granted the underwriters an option to purchase up to an additional 1.155 million shares of common stock to cover over-allotments, if any.
Shares of Ares Commercial Real Estate's common stock are expected to begin trading Thursday on the New York Stock Exchange under the ticker symbol "ACRE."
The offering is expected to close on May 1.
by RTT Staff Writer
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