Richmond Honan Medical Properties reveals IPO terms

Richmond Honan Medical Properties, a self-managed REIT with equity interests in 29 medical office buildings in 10 states, announced terms for its IPO on Thursday. The Atlanta, GA-based company plans to raise $273 million by offering 19.5 million shares at a price range of $13-$15. At the mid-point of the proposed range, Richmond Honan Medical Properties will command a market value of $299 million. Richmond Honan Medical Properties, which was founded in 1975 and booked $38 million in sales last year, plans to list on the NYSE under the symbol MOB. Baird, Raymond James and RBC Capital Markets are the lead underwriters on the deal, which is expected to price during the week of November 8.