Grubb & Ellis Realty Advisors, Inc. completed its IPO yesterday, selling 20,833,334 units at $6.00 per unit. The gross proceeds totaled $125 million, down slightly from the $150 million that the company was looking to raise when it filed its initial S-1 in mid-October. An affiliate of the insiders purchased 1,666,667 of the units. A total of $119,687,504, equal to $5.75 per share, has been placed into the trust account. This balance includes $2.3 million of fees that the underwriter has agreed to defer until the company completes an acquisition, as well as $2.5 million in proceeds from the sale of 5,876,069 shares that were purchased by the insiders (at $.43 per share) at the inception of the company.
Each unit consists on one share of common stock and two warrants to purchase one additional share at $6.00 per share.
Grubb & Ellis Realty Advisors, Inc. is going to focus its efforts on acquiring commercial real estate properties and/or assets.”
There is no word yet as to whether or not the underwriter has exercised its over-allotment option.
The securities will be listed on the AMEX. The units (GAV-U) will probably begin trading today. The common shares (GAV) and warrants (GAV-W) will begin trading separately at a later date.
The final prospectus:
sec.gov |
