Terreno Realty Corp. has shelved its IPO due to market conditions, said a person familiar with the offering on Tuesday.
The real estate investment trust had been slated to start trading Friday. The deal size was cut on Friday, with the number of shares being offered shaved by a third to 10 million, after three straight days of triple-digit declines in the Dow Jones industrial average.
The pricing, expected at $20 a share, was initially delayed until Monday, but on Tuesday it was postponed indefinitely.
Terreno Realty Corp. is a newly organized REIT focused on industrial property. The San Francisco company has no operating history.
Two Chinese companies which had been scheduled to start trading Friday also postponed their IPOs. Those went through this week. On Tuesday afternoon, Andatee China Marine Fuel Services Corp. shares were down 3.6 percent and China Hydroelectric Corp. stock fell 9 percent. Both are trading below their offering price.
A message left with Terreno was not immediately returned.
Goldman Sachs, Baird, KeyBanc Capital Markets and Stifel Nicolaus managed the Terreno deal. Goldman was the lead underwriter.
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