Invesco REIT Raises $171m After Stock Offering Over-Allotment
Real estate investment trust (REIT) Invesco Mortgage Capital (IVR) completed the total offering of 8.05m shares of common stock and issuance, which raised total gross proceeds of about $171m, according to an e-mailed statement. The public offering of 7m shares, which priced on January 12th at $21.25 per share, raised an initial $149m with an option for underwriters to purchase up to an additional 1.05m shares to cover any over-allotments. The over-allotment raised more than $22m, bringing gross proceeds to $171m, more than six months after the REIT went public. The initial public offering (IPO) of 8.5m shares of at $20 per share in the end raised $201m. It was the first blind IPO in the REIT space for 13 months. As HousingWire previously reported, the second offering just six months later indicates growing investor appetite. Invesco said in an e-mailed statement it plans to use the net proceeds from the offering to buy residential and commercial mortgage-backed securities (RMBS and CMBS) and leveraged mortgage loans. It also plans to invest in a public-private investment fund managed by Invesco Advisers. Credit Suisse Securities and Morgan Stanley (MS) acted as joint book-running managers for the offering. Write to Diana Golobay. Disclosure: The author holds no relevant investment positions.