Armada Hoffler to raise up to $201.3 million from IPO
(Reuters) - Real estate company Armada Hoffler Properties Inc filed with regulators on Tuesday to raise up to $201.3 million in an initial public offering.
The Virginia-based company, which develops and manages retail and multifamily properties in Mid-Atlantic United States, will structure itself as a REIT on the completion of the offering.
The company plans to list its stock on the New York Stock Exchange under the symbol "AHH" and listed Baird as an underwriter to the offering. (link.reuters.com/mys86t)
Companies with large real estate assets eye a REIT structure as it helps reduce the tax burden on their rental income. Shareholders also stand to gain as REITs are required to distribute at least 90 percent of their profits as dividends.
The filing did not reveal how many shares the company planned to sell or their expected price.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting By Neha Dimri in Bangalore; Editing by Sreejiraj Eluvangal)