Four Springs Capital Trust, a single-tenant net lease REIT with 156 commercial properties across 32 states, withdrew its plans for an initial public offering on Wednesday, citing market conditions. It had filed in November 2021 and planned to raise $252 million by offering 18 million shares at a price range of $13 to $15, but postponed the following January.
The Lake Como, NJ-based company was founded in 2012 and booked $49 million in revenue for the 12 months ended September 30, 2021. It had planned to list on the NYSE under the symbol FSPR. Morgan Stanley, Goldman Sachs, Wells Fargo Securities, Mizuho Securities, Scotia Capital, WR Securities, Nomura Securities, and Berenberg were set to be the joint bookrunners on the deal.
