S&P 500
7,401.00
+0.91%
Dow Jones
49,665.70
+0.19%
Nasdaq 100
29,241.00
+2.43%
Russell 2000
2,860.88
+0.82%
FTSE 100
10,263.70
+0.48%
Nikkei 225
63,767.70
+2.68%

Investing

A Stealth IPO: Whitestone REIT (WSR)

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
The IPO market has not been so kind in 2010, and it has been far from predictable in general.  There is a stealth IPO this morning that is flying under the radar of most investors and it is a REIT.  Whitestone REIT (NYSE: WSR) is selling 2.2 million shares of its Class B common stock at $12.00 per share.  This $26.4 million in net proceeds is under what was supposed to be roughly 3.3 million shares and is under what was supposed to be a range of $14.00 to $16.00 per share.

Wunderlich Securities, Inc. is the lead underwriter; and Ladenburg Thalmann & Co., J.J.B. Hilliard, W.L. Lyons, Maxim Group, and Southwest Securities were listed as the co-managers of the deal.  These underwriters have been granted an option to purchase up to an additional 330,000 shares of Class B Common Shares to cover over allotments, if any.

USE OF FUNDS… the net proceeds will be used to:

  • (1) acquire commercial properties in Whitestone’s target markets,
  • (2) acquire loans with the intent to acquire the underlying property through foreclosure or deed in lieu of foreclosure within a short time,
  • (3) to redevelop and re-tenant existing properties to create Whitestone-branded Community Centered Properties
  • (4) for general corporate purposes.

Whitestone runs visibly located properties in established or developing culturally diverse neighborhoods. The company is based in Houston with a portfolio of commercial properties in Texas, Arizona, and Illinois.  Its most recent financial data is found here.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

Continue Reading

MGM REIT to Raise $1.2 Billion in IPO
Paul Ausick |

MGM REIT to Raise $1.2 Billion in IPO

MGM Growth Properties has filed documents with the SEC to sell 50 million shares of common stock to raise more…

Jon C. Ogg |

Secondary Offerings Come On Strong From Housing & REITs (ARR, BZH, MTH, SNH)

When the market is stable or when shares are strong, many companies choose to unload shares to raise capital. It…

IPOs This Week: Cable Company Altice Leads a Busy Week
Paul Ausick |

IPOs This Week: Cable Company Altice Leads a Busy Week

As many as nine IPOs may hit the public markets this week, led by cable and broadband provider Altice.

Jon C. Ogg |

Chimera Back at the Capital Water Well (CIM)

Chimera Investment Corporation (NYSE: CIM) is supposed to be a toxic mortgage winner in the land of Real Estate Investment…

Jon C. Ogg |

AmREIT IPO Debuts With a Thud

AmRIET, Inc. (NYSE: AMRE) is managing to hang in around the initial public offering price.  Still, Wall Street (and/or Main…

Why This Asset Class Paying Massive Dividends Could Be Huge in 2021
Lee Jackson |

Why This Asset Class Paying Massive Dividends Could Be Huge in 2021

The potential for strong total return is one major reason to invest in these REITs. With most distribution cuts out…

Jon C. Ogg |

Questionable Secondary Stock Offering: Newcastle Raising More Capital

Newcastle Investment Corp. (NYSE: NCT) is one of the harder to analyze mortgage-backed securities REITs that pays investors a high…

Jon C. Ogg |

Steep Discount on Health Care REIT Secondary Offering

Health Care REIT has priced its underwritten public secondary offering of 17 million shares, but some investors may be wondering…

TPG REIT Gears Up for IPO
Chris Lange |

TPG REIT Gears Up for IPO

TPG RE Finance Trust has amended its filing with the U.S. Securities and Exchange Commission (SEC) regarding its initial public…

Top Gaining Stocks

Akamai
AKAM • Vol: 21,556,944
Micron Technology
MU • Vol: 65,135,624
Intel
INTC • Vol: 227,504,426
Monster Beverage
MNST • Vol: 15,284,847
Dell Technologies
DELL • Vol: 12,167,525

Top Losing Stocks

Mettler Toledo International
MTD • Vol: 539,266
Motorola Solutions
MSI • Vol: 3,101,643
Expedia
EXPE • Vol: 4,189,786
Coterra Energy
CTRA • Vol: 73,319,495
Fidelity National Information Services
FIS • Vol: 11,468,820