Stock for healthcare real estate investment trust Aviv REIT (NYSE:AVIV) was up double digits as of noon Eastern on Thursday during its first day of trading on the New York Stock Exchange.
Aviv announced on Wednesday the pricing of its initial public offering of 13.2 million shares of common stock at a public offering price of $20.00 per share. The shares began trading on March 21, and were up more than 14% to $22.95 as of 12 p.m. Eastern.
Underwriters have been granted the option of purchasing up to an additional 1.98 million shares of common stock to cover over-allotments.
The REIT, which focuses primarily on the ownership, acquisition, and development of skilled nursing facilities, plans to use the net proceeds from the IPO to repay certain indebtedness and use the remainder for general corporate purposes, including the potential acquisition of additional properties.
This is the third time Aviv REIT has attempted to go public. The offering could raise more than $300 million if all shares are bought.
The offering is expected to close on March 26.