SmartStop Self-Storage REIT set for long-sought NYSE listing after $810 million IPO

SmartStop Self-Storage REIT SMA.N is set to begin trading on the New York Stock Exchange under symbol “SMA” on Wednesday

Ladera Ranch, California-based SMA late Tuesday sold 27 million shares at $30 apiece to raise $810 million

IPO priced in the lower half 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

J.P. Morgan, 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