Public Storage Affiliate Shurgard Prices IPO at Low End Amid Market Turmoil
October 12 2018 - 5:03AM
Dow Jones News
By Adam Clark
Public Storage (PSA)'s affiliate Shurgard Self Storage Europe
S.A. (SHUR.BT) has priced its initial public offering at the bottom
of its price range, valuing the European company at 2.04 billion
euros ($2.70 billion).
Shurgard said it will issue new shares at EUR23.00 each, raising
up to EUR575 million. The company had previously said it would
place shares at between EUR23 and EUR28. Trading of the company's
shares will begin on Euronext Brussels on Monday.
Europe's largest provider of self-storage for consumers and
small businesses, Shurgard is currently 49% owned by Public
Storage.
The low-end pricing comes as volatile equity markets shake
investor appetite for IPOs. Dutch leasing-fleet manager LeasePlan
said Thursday that it had cancelled its plans to list, citing
market conditions. In London, luxury-car maker Aston Martin Lagonda
(AML.LN) and peer-to-peer lender Funding Circle Holdings PLC
(FCH.LN) have both seen their shares drop below their recent IPO
prices.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
October 12, 2018 04:48 ET (08:48 GMT)
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