Smartstop Self Storage Stock Rises On Debut, Sparks Early Bullish Chatter
The stock closed at $32.75 per share on its debut, higher than its IPO price of $30 per share.
Smartstop Self Storage REIT (SMA) stock drew retail attention on Wednesday after it gained 1.1% in the first trading session following its initial public offering.
The stock closed at $32.75 per share on its debut, higher than its IPO price of $30 per share.
Latest Videos
After pricing its offering at the lower half of the marketing range, the real estate investment trust sold 27 million shares to raise $810 million.
The company initially marketed the shares between $28 and $36 before slightly cutting the price range to $28 to $35 last week.
J.P. Morgan, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets, and Truist Securities were the joint book-running managers for the offering.
The Ladera Ranch, California-based company also granted the underwriters a 30-day option to buy up to an additional 4.05 million shares of its common stock at the IPO price.
As of Dec. 31, SmartStop owned or managed a portfolio of 208 operating properties in 22 states, the District of Columbia, and Canada, comprising about 148,000 units and 16.7 million rentable square feet.
According to a regulatory filing, the company’s total revenue was $237 million in 2024.
Wall Street has seen several big-ticket IPOs over the past few days.
While conservative TV news network Newsmax saw a 2,230% jump over its IPO price in its first two days of trade before a sharp drop on Wednesday, cloud computing platform CoreWeave made gains in two consecutive sessions beginning from Tuesday after a tepid debut.
The stock drew early bullish chatter on Stocktwits and has gained more than 200 followers.
One user wondered whether the stock would jump like CoreWeave did after a lukewarm debut.
Smartstop shares fell 2.7% in extended trading.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
subscribe to Asianet Newsable WhatsApp channel by clicking here.