Silver Bay Realty Trust, a REIT focused on the acquisition, leasing and management of residential properties, announced terms for its IPO on Tuesday. The Minnetonka, MN-based company plans to raise $252 million by offering 13.3 million shares at a price range of $18 to $20. At the midpoint of the proposed range, Silver Bay Realty Trust would command a fully diluted market value of $710 million. Silver Bay Realty Trust, which was founded in 2012, plans to list on the NYSE under the symbol SBY. Credit Suisse, BofA Merrill Lynch and J.P. Morgan are the joint bookrunners on the deal.
