Bridge Investment Group, a vertically-integrated real estate investment manager with $26 billion in AUM, announced terms for its IPO on Wednesday.
The Salt Lake City, UT-based company plans to raise $300 million by offering 18.8 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Bridge Investment Group would command a fully diluted market value of $1.8 billion.
Bridge Investment Group is diversified across specialized real estate asset classes, including multifamily, debt, office, development, workforce, agency MBS, and seniors. Its vertically-integrated approach includes investment professionals as well as employees who perform active asset management, property management, leasing, and construction management functions. As of March 31, 2021, Bridge Investment Group had an AUM of $26 billion.
Bridge Investment Group was founded in 2011 and booked $340 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol BRDG. Morgan Stanley, J.P. Morgan, Citi, Wells Fargo Securities, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of July 12, 2021.
