Blackstone’s Invitation Homes IPO Raises $1.54B

Invitation Homes, Blackstone Group’s rental home company, raised $1.54 billion through its initial public offering on the stock exchange. The company’s stock market debut is the largest by a U.S. REIT since Paramount Group raised $2.29 billion in 2004.

The company priced 77 million shares at $20 on Jan. 31, within its indicated range between $18-$21, and began trading on the New York Stock Exchange under the ticker INVH. Deutsche Bank and J.P. Morgan Chase are the leading underwriters for the IPO.

Invitation Homes was launched in 2012, about five years after the housing market crash, and began acquiring foreclosed homes in bulk. So far, the company has spent approximately $10 billion on its 48,000-home portfolio. The houses are located primarily in the western and southeastern United States.

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