InfraREIT, a REIT formed to own electric transmission and distribution assets in Texas, announced terms for its IPO on Tuesday. The Dallas, TX-based company plans to raise $400 million by offering 20 million shares at a price range of $19 to $21. At the midpoint of the proposed range, InfraREIT would command a fully diluted market value of $1.2 billion.
InfraREIT, which was founded in 2001 and booked $119 million in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol HIFR. InfraREIT initially filed confidentially on 5/13/2014. BofA Merrill Lynch and Citi are the joint bookrunners on the deal.
