STAG Industrial sees IPO of $234 million

BANGALORE (Reuters) – Real estate company STAG Industrial Inc said it expects to raise up to $233.8 million in an initial public offering of its common stock, significantly below its earlier estimate of $300 million.

The Boston, Massachusetts-based company will offer 13.8 million shares at a price of $15-$17 a share, it said in a regulatory filing.

The company expects net proceeds of about $199.1 million from the offering and will use it to buy common units in its operating partnership, it said.

BofA Merrill Lynch, J.P. Morgan and UBS Investment Bank are among the underwriters for the IPO.

The company’s stock has been approved for listing on the New York Stock Exchange under the symbol “STIR.”

(Reporting by Sweta Singh in Bangalore;Editing by Vyas Mohan)

STAG Industrial sees IPO of $234 million