Presidio Property Trust, a diversified REIT repositioning its portfolio to focus on office and industrial properties, raised $3 million by offering 0.5 million shares at $5, as expected. The company most recently planned to offer 1 million shares at the same price before decreasing its deal size by 50% on Tuesday. It originally filed to raise $69 million in September 2017. At pricing, the company commands a market value of $47 million. Because its deal size is less than $5 million and its market cap is less than $50 million at pricing, Presidio Property Trust will be excluded from Renaissance Capital’s stats.
Presidio Property Trust plans to list on the Nasdaq under the symbol SQFT. Kingswood Capital Markets acted as sole bookrunner on the deal.
The article Nano-cap commercial REIT Presidio Property Trust prices IPO at $5 originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.