[Update 1]

Global investment management company Invesco ($24.10 0%) along with real estate investment trust (REIT) Invesco Mortgage Capital ($15.54 0%) today released its pricing of an initial offering of 8.5m shares of Invesco Mortgage at $20 per share as it prepares for its first day of trading.

Invesco Mortgage left underwriters the option to purchase an additional 1.27m common shares to cover any over-allotments -- an option that expires after 30 days. In addition the the public offering, the compnay will place 75,000 shares of common stock at $20 per share with its manager and 1.42m limited partner units of its IAS Operating Partnership subsidiary at $20 per unit with a subsidiary of parent company Invesco.

Invesco Mortgage's shares begin trading today on the New York Stock Exchange under the ticker symbol "IVR." It sold at $19.46 in late-morning trading, slightly below its offering price after this story went to press.

The public offering represents the latest in a series of moves by US REITs to attract public capital over more traditional, private funds. The offerings and placements together will yield an estimated $195.5m in net proceeds after deducting underwriting discounts and assume the underwriters' over-allotment option is not exercised.

Invesco announced plans for the public offering in early May. Its Invesco Mortgage, a newly formed REIT, was set up with a goal to invest in agency and non-agency RMBS, CMBS and mortgage loans in concert with government funding through the Public-Private Investment Program and the Term Asset-Backed Securities Lending Facility.

Write to Diana Golobay.

Disclosure: The author held no relevant investment positions when this story was published. Indirect holdings may exist via mutual fund investments.