Walker & Dunlop prices IPO at $10 per share
Real estate financier Walker & Dunlop (WD) priced its initial public offering of 10 million common shares of stock at $10 per share. W&D is a Bethesda, Md.-based lender of Federal Housing Administration, Fannie Mae and Freddie Mac commercial real estate loans, specifically multifamily. It makes loans to property owners, investors and developers across the country. Walker & Dunlop has said in previous regulatory filings that it expects to net $89.5 million in proceeds from the offering, according to Bloomberg. The company lends on most major multifamily asset classes including market-rate apartments, affordable apartments, manufactured housing communities, seniors housing, student housing and healthcare facilities. The company's stock will begin trading on the New York Stock Exchange Dec. 15. Underwriters of the IPO, Credit Suisse, Keefe, Bruyette & Woods, and Morgan Stanley, were granted a 30-day option to purchase up to an additional 1.5 million shares at the IPO price to cover any overallotments. Write to Jon Prior. The author holds no relevant investments.