Aviv REIT, Inc. (AVIV) said Tuesday that it has closed its initial public offering of 13.2 million shares of common stock at a public offering price of $20.00 per share.
The underwriters of the offering exercised their overallotment option in full and purchased an additional 1.98 million shares of common stock.
Including the overallotment option, Aviv sold 15.18 million shares in the offering and received net proceeds of about $278.8 million, after deducting underwriting discounts and commissions and estimated offering expenses.
The company plans to use the net proceeds from the offering to repay certain indebtedness and to use the remainder for general corporate purposes, including the potential acquisition of additional properties in the ordinary course of business.
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