TPG RE Finance Trust disclosed Monday that it set terms for its proposed initial public offering, in which it plans to sell 11 million shares at a price between $20 to $21 a share to raise up to $231 million. If the underwriters exercise all the options to buy 1.65 million additional common shares TPG grants them to cover overallotments, the commercial real estate finance company could raise up to $265.65 million. The stock has been approved to be listed on the NYSE under the ticker symbol “TRTX.” BofA Merrill Lynch, Citigroup, Goldman Sachs and Wells Fargo Securities are the lead underwriters. TPG’s IPO will come at a time when the SPDR Real Estate Select Sector has gained 3.1% year to date through Friday, while the S&P 500 has advanced 8.3%.
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