Silvery Bay Realty Prices 13.25M Share IPO at $18.50/Share
Silver Bay Realty Trust Corp. (NYSE: SBY) announced today the pricing of its initial public offering of 13,250,000 shares of common stock at a price to the public of $18.50 per share. The underwriters have been granted a 30-day option to purchase up to an additional 1,987,500 shares of common stock to cover over-allotments, if any. The shares are expected to begin trading on the New York Stock Exchange on December 14, 2012 under the symbol “SBY.”
Silver Bay will acquire, concurrent with the closing of the offering, an initial portfolio of more than 3,100 single-family residential properties through entities associated with Two Harbors Investment Corp., a publicly traded REIT (NYSE: TWO), and Provident Real Estate Advisors LLC, a private capital management firm, in exchange for equity interests in Silver Bay or its operating subsidiary, or cash.
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