December 2, 2016
After a few delays for their IPO, Innovative Industrial Properties (IIPR) opened on the NYSE on Thursday, but it is not flying high so far. The stock was trading below its share prices on day one, and the IPO had intended to raise $175 million, which was later dropped to $100 million.
The REIT’s plan is to buy marijuana growing facilities, and profit from the rent. With its less than optimal initial performance, the REIT went from trying to sell 8.75 million shares to 5 million, and dropped again to 4 million.
Before ringing the bell, updates were made to the REIT’s filing, which said that management would forfeit their zero-cost basis shares. Initially, 15% stake would go to five executives who were not going to put money up, which was likely not sitting well with investors.
For comments, questions or concerns, please contact Daniella Soloway