Innovative Industrial Properties, a newly organized REIT formed to acquire medical-use cannabis facilities, announced on Monday that it is expected to price its IPO later this month. The company originally filed with IPO terms on October 17, 2016. In its latest filing, the company also added Compass Point as an underwriter and disclosed that it had been approved to list on the NYSE.
The San Diego, CA-based company plans to raise $175 million by offering 8.75 million shares at a price of $20. At that price, it would command a fully diluted market value of $202 million. Alan Gold previously served as co-founder and CEO of BioMed Realty Trust (NYSE: BMR) from its 2004 inception until its sale to Blackstone (NYSE: BX) in January 2016 for $8 billion.
Innovative Industrial Properties was formed in 2016 and booked $6 million in pro forma revenue for the 12 months ended September 30, 2016. It plans to list on the NYSE under the symbol IIPR. Ladenburg Thalmann & Co. and Compass Point are the joint bookrunners on the deal.
