Ares Commercial Real Estate IPO watch: According to the latest SEC regulatory filing, Ares Commercial Real Estate Corporation set its IPO date at April 26, 2012.
The company will sell 7.7 million shares of common stock in this offering. The Ares Commercial Real Estate IPO price is estimated to be between $19.00 and $20.00 per share. The company has applied to list common stock on the New York Stock Exchange under the symbol “ACRE.”
Ares Commercial Real Estate estimates to recieve net proceeds of approximately $147.1 million, from this offering, on the basis of an assumed public offering price of $19.50 per share, the median of the previously announced Ares Commercial Real Estate IPO price range. The company will use the net proceeds to repay banking facility, pay the holders of Class A Preferred Stock and for general corporate purposes.
Wells Fargo Securities, Citigroup, BofA Merrill Lynch and J.P. Morgan are working as the joint book-managers and representatives of underwriters for the Ares Commercial IPO. Keefe, Bruyette & Woods, RBC Capital Markets, Stifel Nicolaus Weisel and SunTrust Robinson Humphrey also joined the underwriting syndicate on this deal. The underwriters are granted to buy aggregately 1.155 million additional common shares at the initial Ares Commercial Real Estate IPO price to cover over-allotment.
Ares Commercial Real Estate Corporation was organized on September 1, 2011 and is focusing on originating, investing in and managing middle-market commercial real estate loans and other commercial real estate, or “CRE-,” related investments.
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Ares Commercial Real Estate IPO