New York luxury apartment property vehicle GO Residential Real Estate Investment Trust went public on the Toronto Stock Exchange Friday with 27.34 million IPO shares priced at US$15 apiece. The stock was trading down as much as 3.3 per cent to US$14.50 per share as of 9:50 a.m. EST, but bounced back to US$14.72 by noon. (The Logic)
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New York luxury apartment property vehicle GO Residential Real Estate Investment Trust went public on the Toronto Stock Exchange Friday with 27.34 million IPO shares priced at US$15 apiece. The stock was trading down as much as 3.3 per cent to US$14.50 per share as of 9:50 a.m. EST, but bounced back to US$14.72 by noon. (The Logic)
Talking point: CIBC Capital Markets and BMO Capital Markets were co-lead underwriters on the offering for the REIT, which will be governed by Ontario regulations but will give investors the opportunity to invest in 2,015 luxury suites in Manhattan. It is one of the largest real estate IPOs in Canada, and the first IPO of any kind to raise more than $50 million since Montreal fast- fashion retailer Groupe Dynamite’s offering last November. The Canadian IPO market has stalled this year amid trade tensions with the U.S.
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