SmartStop Self Storage REIT jumps in NYSE debut after $810 million IPO

SmartStop Self Storage REIT

02/04/2025 19:21

Updates

** SmartStop Self Storage REIT's SMA.N shares jump as much as 10% to $33 in their New York Stock Exchange debut

** Stock opened for trading at $32.40 vs $30 IPO price, valuing the Ladera Ranch, California-based firm at $1.79 billion

** SMA late Tuesday sold 27 million shares to raise $810 million in its IPO, which was priced below the midpoint of the marketed range of $28 to $35

** Founded in 2013, SMA is one of the largest self-storage companies in North America

** SMA had been in the IPO pipeline for a long time, having publicly filed for its NYSE listing in April 2022

** JPMorgan Chase, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets and Truist Securities were the joint book-running managers for the offering

** Proceeds will be used to repay debt, redeem preferred stock, and to fund growth

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))