Commercial REIT FrontView valued at $488 mln as shares drop in NYSE debut (updated)

FrontView REIT

02/10/2024 17:09

(Adds details and background throughout)
       Oct 2 (Reuters) - Shares of FrontView REIT  FVR.N  fell
3.9% in their debut on the New York Stock Exchange on Wednesday,
valuing the commercial real estate investment trust at $487.9
million.
    The Dallas, Texas-based company's shares opened at $18.25,
compared with the initial public offering price of $19 apiece.
    FrontView focuses primarily on investing in properties
facing high-traffic roads that are highly visible to consumers.
It holds a portfolio of 278 properties in the United States,
with an occupancy rate of about 99%, as of June 30.
    The company sold 13.2 million shares at $19 apiece to raise
$250.8 million in its IPO.
    Morgan Stanley, J.P. Morgan, Wells Fargo Securities and BofA
Securities were the lead underwriters for the offering.

 (Reporting by Vedant Vinayak Vichare and Arasu Kannagi Basil in
Bengaluru; Editing by Shilpi Majumdar)
 ((Vedant.VinayakVichare@thomsonreuters.com))