SmartStop Self Storage REIT set to open above offer price in NYSE debut after $810 million IPO

SmartStop Self Storage REIT's SMA.N shares set to open up to 13.3% above IPO price in New York Stock Exchange debut

Stock recently indicated to open between $32 and $34 vs $30 IPO price

Ladera Ranch, California-based SMA late Tuesday sold 27 million shares to raise $810 million in its IPO, which was priced below the mid-point of the marketed range of $28 to $35

At IPO price, SMA fetched $1.66 billion valuation

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