Real estate company Armada Hoffler Properties, Inc. announced the pricing of initial public offering of 16.525 million shares of common stock at $11.50 per share for $173.7 million of net proceeds after deducting expenses. The offering is expected to close on May 13, 2013.
In the amended S-11 filing with the SEC, the company had estimated to offer 14.58 million Shares of between $11.00 and $13.00.
The company specified that all of the shares are being offered by the company. The company stated that this is an increase of 1.94 million shares over the previously announced offering size of 14.58 million shares.
The Virginia-based company's shares will be listed on the New York Stock Exchange under the symbol "AHH."
The company, which develops and manages retail and multifamily properties in Mid-Atlantic United States, has granted the underwriters a 30-day option to purchase up to an additional 2.48 million shares to cover overallotments.
The company said it will contribute offering net proceeds to its operating partnership in exchange for common units in its operating partnership. The operating partnership intends to use proceeds to repay certain indebtedness and for general business purposes.
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