Priam Properties, a newly-formed REIT focused on office properties in the Midwest and Southeast, announced terms for its IPO on Monday.
The Nashville, TN-based company plans to raise $171 million by offering 9 million shares at a price range of $18 to $20. At the midpoint of the proposed range, Priam Properties would command a fully diluted market value of $222 million.
Priam Properties was founded in 2018 and booked $4 million in revenue for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol PRMI. BofA Merrill Lynch, Baird and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 24, 2019.
