VICI Properties Inc. closed its upsized 69,575,000-share IPO, which represented gross proceeds of approximately $1.39 billion.
Priced at $20.00 per share, VICI Properties offered 60.5 million shares of common stock, plus 9,075,000 shares to cover overallotments. The offering was increased from 50.0 million shares plus a 7.5 million-share overallotment option.
Caesars Entertainment Corp.'s operating partnership spun off VICI Properties in 2017 after emerging from bankruptcy. The gaming real estate investment trust's original portfolio comprised 19 properties, including Caesars Palace Las Vegas.
Morgan Stanley, Goldman Sachs & Co. LLC and BofA Merrill Lynch served as joint book-running managers and as representatives of the underwriters for the offering. Barclays, Citigroup and Deutsche Bank Securities served as book runners, and Credit Suisse, UBS Investment Bank, Stifel, Citizens Capital Markets, Wells Fargo Securities, Nomura and Union Gaming acted as co-managers.
