Silver Bay Realty Trust IPO to watch: Acoording to the latest amended regulatory filing submitted to the SEC, the company intends to apply to have its common stock listed on the NYSE (New York Stock Exchange) under the symbol “SBY.”
According to the amended prospectus, Silver Bay Realty Trust Corp. was organized in June 2012 as a Maryland corporation externally managed by a private capital management firm,PRCM Real Estate Advisers LLC, with the primary focus on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation. The company’s revenue is derived from the lease of a portfolio of single-family properties. Silver Bay Realty Trust intends to elect and qualify to be taxed as a REIT and purchase single-family properties from Two Harbors Investment Corp and Provident in exchange of its common shares.
The company did not disclose its offering price and the number of shares which will be sold in Silver Bay Realty Trust IPO.
Net proceeds from the sale of stock in Silver Bay Realty Trust IPO will be used to purchase additional single-family properties, for working capital and to fund any cash payments to prior Investors.
Credit Suisse Securities (USA) LLC is playing the role of representative for Silver Bay Realty Trust IPO.
The company has proposed a preliminary maximum aggregate offering price of $287.5 million for this deal.
Silver Bay Realty Trust IPO