Invitation Homes, a Blackstone REIT owning the largest portfolio of single-family houses in the US, announced terms for its IPO on Monday.
The Dallas, TX-based company plans to raise $1.5 billion by offering 77 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Invitation Homes would command a fully diluted market value of $5.9 billion and an enterprise value of $11.8 billion.
Invitation Homes was founded in 2012 and booked $905 million in sales for the 12 months ended September 30, 2016. It plans to list on the NYSE under the symbol INVH. Deutsche Bank, J.P. Morgan, BofA Merrill Lynch, Goldman Sachs, Wells Fargo Securities, Credit Suisse, Morgan Stanley and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of January 30, 2017.
