LOS ANGELES-Rexford Industrial Realty had a big day on the first day of its initial public offering, raising $224 million today by the closing bell. Shares for the Brentwood REIT were priced at $14, about midpoint for the expected price range.
The firm sold 16 million shares on the first day. It will trade on the New York Stock Exchange as REXR on the ticker symbols.
Rexford Industrial was founded by chairman Richard Ziman, assisted by co-CEOs Howard Schwimmer and Michael Frankel.
BofA Merrill Lynch, Wells Fargo Securities, FBR Capital Markets and J.P. Morgan handled the IPO. They have a 30-day option to purchase up to an additional 2.4 million shares at the IPO price. That offering closes in the middle of next week.
As previously reported by GlobeSt.com, Rexford’s Schwimmer and Frankel sat down for an exclusive Q&A and talked about the company’s plans.