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Plymouth Industrial REIT prices IPO


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Plymouth Industrial REIT prices IPO

Plymouth Industrial REIT Inc. priced its IPO of 2.9 million common shares at $19.00 apiece for about $55.1 million in expected gross proceeds.

The offering, set to close June 14, carries a 30-day overallotment option for the underwriters to acquire up to 435,000 additional shares.

The company intends to use about $20.0 million of the proceeds to redeem preferred equity interests issued by one of its units and the remaining proceeds to purchase and manage industrial properties and for general business purposes.

The company expects the shares to commence trading on the NYSE MKT on June 9 under the symbol PLYM.

D.A. Davidson & Co., BB&T Capital Markets and Oppenheimer & Co. are the joint book-running managers, while National Securities Corp. and Wedbush Securities are serving as co-lead managers. Janney Montgomery Scott is the co-manager.