Priam Properties IPO: What You Need To Know

Amid a flurry of biotech IPOs, a REIT is set to open its account on Wall Street this week.

The IPO Terms

Nashville, Tennessee-based Priam Properties is set to offer 9 million shares in an IPO at an estimated price range of $18 and $20, according to the preliminary prospectus filed June 17.

At the mid-point of the estimated price range, the size of the offering is $171 million.

Priam's shares have been approved for listing on the NYSE under the ticker symbol PRMI.

It qualifies as an "emerging growth company" under the federal securities laws, and therefore will be subject to reduced public company reporting requirements.

Bank Of America Merrill Lynch, Baird and RBC Capital Markets are the lead underwriters for the offering.

The Company

Priam, founded in 2010, is a self-administered and self-managed REIT, focused on acquiring and managing multi-tenant office properties in high-growth urban nodes in the Midwest and Southeast U.S.

Its target clientele are millennials, who increasingly relocate away from major markets in search of living and working environments that provide access to modern urban amenities, while also providing a high quality of life and lower cost of living.

The Finances

Priam reported historical combined revenues of $3.734 million in fiscal year 2018 compared to $3.782 million for 2017. The net loss widened from $697,163 to $708,608.

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