Aspire Real Estate Investors, an affordable housing REIT targeting Opportunity Zones formed by Avanath Capital, withdrew its plans for an initial public offering on Wednesday, citing market conditions. It had filed to raise $300 million by offering 15 million shares at a $20.
The Irvine, CA-based company was founded in 2008 and booked $23 million in revenue for the 12 months ended September 30, 2020. It had planned to list on the NYSE under the symbol ASPI. Morgan Stanley, B. Riley FBR, Wells Fargo Securities, BMO Capital Markets and KeyBanc Capital Markets were set to be the joint bookrunners on the deal.
