SmartStop Looks to Raise Up to $972M for IPO
SmartStop Self Storage REIT, a Ladera Ranch, CA-based company operating 208 properties across the US and Canada, unveiled its IPO terms on Monday. The company aims to raise up to $972 million by offering 27 million shares at a price range of $28 to $36 each.
The company has provided underwriters with a 30-day option to acquire an additional 4,050,000 shares of its stock at the same terms outlined in the IPO, exercisable following the prospectus date. The company intends to trade on the NYSE with the ticker symbol “SMA.”
SmartStop plans to allocate the net proceeds from its IPO to fully redeem its outstanding Series A Preferred Stock, reduce debt under its existing credit facility, pay off an acquisition facility, support external growth through property acquisitions, and cover various general corporate expenses.
J.P. Morgan, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets, Truist Securities, Baird, Stifel, National Bank of Canada, Raymond James, and Scotia Capital are the joint bookrunners on the deal. It is expected to price during the week of March 31, 2025.