Blackstone Group LP's single-family rental unit, Invitation Homes Inc., priced its IPO of 77.0 million shares of common stock at $20.00 per share.

The shares are scheduled to be listed on the New York Stock Exchange starting Feb. 1 and will trade under the ticker symbol INVH.

Invitation Homes provided the underwriters with a 30-day option to acquire up to 11,550,000 additional shares.

The company expects to close the offering Feb. 6 and plans to use the net proceeds to repay existing debt and pay fees and expenses related to offering.

Deutsche Bank Securities, J.P. Morgan, BofA Merrill Lynch, Goldman Sachs & Co., Wells Fargo Securities, Credit Suisse, Morgan Stanley and RBC Capital Markets are the joint book-running managers for the IPO.

Blackstone Capital Markets, BTIG, Evercore ISI, FBR, JMP Securities, Keefe Bruyette & Woods, Raymond James, Siebert Cisneros Shank & Co. LLC and Zelman Partners LLC are the co-managers.