Phillips Edison & Company, a REIT focused on grocery-anchored neighborhood shopping centers, raised $476 million by offering 17.0 million shares at $28, the low end of the range of $28 to $31.
At pricing, the Cincinnati, OH-based company commands a fully diluted market value of $3.5 billion.
Phillips Edison states that it is one of the nation's largest owners of grocery-anchored neighborhood shopping centers, with 278 wholly-owned shopping center properties.
Phillips Edison & Company plans to list on the Nasdaq under the symbol PECO. Morgan Stanley, BofA Securities, J.P. Morgan, BMO Capital Markets, Goldman Sachs, KeyBanc Capital Markets, Mizuho Securities, and Wells Fargo Securities acted as joint bookrunners on the deal.
