Retail Properties of America (RPAI) IPO Opens Higher After Weak Pricing

The IPO for Retail Properties of America, Inc (NYSE: RPAI) opened higher. Shares are trading at $8.75 after the company priced 31,800,000 shares at $8.00 per share, below the expected $10.00-$12.00 range.

J.P. Morgan, Citigroup, Deutsche Bank Securities and KeyBanc Capital Markets are acting as joint book-running managers for the offering. Wells Fargo Securities is acting as lead manager and Scotiabank and PNC Capital Markets LLC are acting as co-managers.

Retail Properties of America, Inc. is a fully integrated, self administered and self-managed real estate company that owns and operates high quality, strategically located shopping centers across 35 states. The Company is one of the largest owners and operators of shopping centers in the United States.

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