IPO News Archive

Apollo and Colony REITs halve their IPO sizes

9/23/09


Two newly formed mortgage REITs focused on commercial real estate, Colony Financial (CLNY) and Apollo Commercial (ARI), cut their proposed deal sizes in half on Wednesday morning. Colony Financial, which had planned to raise $500 million, now expects to raise only $250 million, while Apollo similarly lowered its proposed deal size from $400 million to $200 million. These two REITs are the second and third to cut their proposed IPO sizes in the last week after commercial real estate mortgage REIT CreXus (CXS) priced 60% fewer shares than expected in its IPO one week ago. The bookrunners on Colony Financial's IPO are BofA Merrill Lynch, Goldman Sachs, Morgan Stanley and UBS, while Apollo Commercial's underwriter team is led by JPMorgan, Citi and Barclays.

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