Retail Properties of America, one of the largest shopping center REITs in the US, announced terms for its IPO on Friday. The Oak Brook, IL-based company plans to raise $350 million by offering 31.8 million shares at a price range of $10.00 to $12.00. At the midpoint of the proposed range, Retail Properties of America would command a market value of $2.49 billion. Retail Properties of America, which was founded in 2003 and booked $606 million in sales in 2011, plans to list on the NYSE under the symbol RPAI. J.P. Morgan, Citi and Deutsche Bank Securities are the joint bookrunners on the deal.
