MGM Growth Properties LLC, an MGM Resorts-backed REIT with an initial portfolio of 10 gaming properties, announced terms for its IPO on Friday.
The Las Vegas, NV-based company plans to raise $975 million by offering 50 million shares at a price range of $18 to $21. At the midpoint of the proposed range, MGM Growth Properties LLC would command a fully diluted market value of $4.1 billion.
MGM Growth Properties LLC was founded in 2015. It plans to list on the NYSE under the symbol MGP. BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Evercore ISI, Barclays, Citi and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of April 18, 2016.
