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IPO Story
American Campus & Extra Space Price Jeffrey R. Hirschkorn, Senior IPO Analyst, Aug. 12, 2004 Two more deals priced for trading last night. Both of them came in below expectations, signaling additional complications for the equity and mainstream capital markets. American Campus Communities (proposed: ACC), a firm structured as a REIT and involved in managing student housing facilities, priced its IPO of 12.1 million shares at $12.50, below indicated talk of $19-$21. Citigroup Global Markets and Deutsche Bank Securities managed the IPO. Trading will begin on Wednesday. While Extra Space Storage (proposed: EXR), a REIT formed for the management of self service storage facilities, priced its IPO of 20.2 million shares at $12.50. Talk for the IPO was labeled at $13-$15. UBS Investment Bank and Merrill Lynch were joint book runners. And, further cuts were announced this morning on the IPO from Lindows (proposed: LINE). New talk: $5-$7. E-mail: jeffh@currentofferings.com. |
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