Canadian real estate developer Minto Group Inc. is planning to raise proceeds of roughly C$200 million in an initial public offering that it hopes will lead to a valuation of about C$500 million, Bloomberg Markets reported, citing unnamed people privy to the matter.
Toronto-Dominion Bank and Bank of Montreal have been tapped to lead the offering, the news outlet noted, citing the unidentified sources.
The real estate development and property management company builds new homes, along with managing residential rental homes and apartments. It has C$2.9 billion of assets as part of its investment management portfolio.
Fellow multifamily property company BSR Real Estate Investment Trust also recently filed for an IPO, which was priced at US$135.0 million.
Toronto-Dominion and Bank of Montreal spokespersons did not comment on the matter, while Bloomberg Markets could not retrieve a comment from Minto.