MGM Growth Properties LLC, an MGM Resorts-backed REIT with an initial portfolio of 10 gaming properties, raised $1.05 billion by offering 50 million shares at $21, the high end of the range.
MGM Growth Properties represents the largest IPO since First Data raised $2.56 billion six months ago in October. The REIT's $1.05 billion deal size is larger than the combined proceeds from the 10 other IPOs of 2016.
MGM Growth Properties LLC 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 acted as lead managers on the deal.
