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Investing.com -- SmartStop Self Storage REIT, Inc., a prominent owner and operator of self-storage facilities in the United States and Canada, commenced trading of its shares on the New York Stock Exchange (NYSE) under the ticker symbol "SMA". The shares opened at $32.40 each, a $2.40 increase from the initial public offering (IPO) price of $30.00 per share.
The internally-managed real estate investment trust (REIT) had announced the pricing of its public offering of 27,000,000 common shares on the previous day.
In addition to the initial offering, SmartStop has extended a 30-day option to the underwriters. This option allows them to purchase up to an additional 4,050,000 shares of its common stock at the public offering price, minus underwriting discounts and commissions.
The offering is being managed by a group of joint book-running managers that includes J.P. Morgan, Wells Fargo (NYSE:WFC) Securities, KeyBanc Capital Markets, BMO Capital Markets, and Truist Securities.
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