Pursuits
Silver Bay Raises $245 Million in Single-Family REIT IPO
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Silver Bay Realty Trust Corp., a real estate company that acquires and manages single-family rental homes, raised $245 million in its initial public offering after pricing the shares near the low end of the marketed range.
The Minnetonka, Minnesota-based company and shareholders sold 13.25 million shares for $18.50 each, according to data compiled by Bloomberg, after offering them for $18 to $20. The shares will start trading today, listed on the New York Stock Exchange under the symbol SBY.