IPO proceeds in the U.S. have fallen for five straight months and April saw the lowest total since 2017, according to Bloomberg data. Miller said the busy IPO market of the past two years has left fewer private companies that are ready or willing to go public today.Article content
“In much of 2020 and all of ’21, the market was, most of the time, open,” he said. “We do have some very attractive IPO candidates in the pipeline, but it’s dramatically fewer than last year.” Dream Residential is taking advantage of a relatively strong market for apartments as U.S. rents soar. In February, a measure of rents posted the largest monthly increase in more than 30 years.
Properties in Ohio, Texas and Oklahoma will represent more than 90 per cent of Dream Residential’s forecast net operating income, though the prospectus shows the company plans to seek out acquisitions “across high-growth markets.” TD Securities Inc. is the lead underwriter on the IPO.
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