logo
Share SHARE
FONT-SIZE Plus   Neg

Silver Bay Realty Prices IPO At $18.50/Shr

Silver Bay Realty Trust Corp. (SBY) Friday priced its initial public offering of 13.25 million shares of common stock at a price of $18.50 per share. The shares are expected to begin trading on the NYSE on Friday.

The underwriters have been granted a 30-day option to purchase up to an additional approximately 1.98 million shares of common stock to cover over-allotments, if any.

Silver Bay is also planning to acquire an initial portfolio of more than 3 thousand single-family residential properties, in exchange for equity interests in Silver Bay or its operating subsidiary, or cash.

The acquisition will be carried out through entities associated with Two Harbors Investment Corp. (TWO), and Provident Real Estate Advisors LLC.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares. Saudi Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud has pledged to give away his entire wealth amounting to $32 billion for charity. He said the fund will be utilized for cultural understanding, develop communities, empower women, enable youth, provide vital disaster relief and create a more tolerant and accepting world. Toyota accepted the resignation of its Chief Communications Officer Julie Hamp, following her arrest in Japan for allegedly mailing banned painkillers to her address in Japan from U.S.
comments powered by Disqus
Follow RTT