Invitation Homes (INVH) IPO Prices at $20, the Higher-End of Expected Range

Invitation Homes Inc. (NYSE: INVH)) announced the pricing of an initial public offering of 77,000,000 shares of its common stock at $20.00 per share, the higher end of the expected $18-$21 range. The shares will be listed on the New York Stock Exchange and trade under the ticker symbol "INVH" beginning February 1, 2017. Invitation Homes has granted the underwriters a 30-day option to purchase up to an additional 11,550,000 shares at the initial public offering price, less underwriting discounts. The offering is expected to close on February 6, 2017, subject to customary closing conditions.

Invitation Homes intends to use the net proceeds of the offering, together with borrowings under its anticipated new term loan facility, to repay existing indebtedness and to pay fees and expenses related to the offering.

Deutsche Bank Securities, J.P. Morgan, BofA Merrill Lynch, Goldman, Sachs & Co., Wells Fargo Securities, Credit Suisse, Morgan Stanley and RBC Capital Markets are serving as joint book-running managers for the offering. Blackstone Capital Markets, BTIG, Evercore ISI, FBR, JMP Securities, Keefe, Bruyette & Woods, A Stifel Company, Raymond James, Siebert Cisneros Shank & Co., L.L.C. and Zelman Partners LLC are acting as co-managers.

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