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