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Photo credit: Flickr/PROO Palsson
MGM Growth Properties raised $1.05B in its initial public offering Tuesday, a sign that the IPO market could be starting to heat up.
The REIT invests in casino resorts and priced its IPO at $21/share—the high end of its target range—and sold 50 million shares, the Wall Street Journal reports.
The REIT was spun off from MGM Resorts last year, in the company's effort to monetize real estate and shed $4B of its $12B debt, and is all set to begin trading on the NYSE Wednesday under the MGP symbol.
While no IPOs this year have priced above their expected range, the equity-capital market has improved in recent weeks as volatility in the stock market calms down, perhaps giving MGM Growth Properties the environment it needs. [WSJ]
