After two failed IPOs, post-acute and long-term care investment firm goes public
By Murray W. Wolf
When Aviv REIT Inc. (NYSE: AVIV) previously attempted an initial public offering (IPO), things didn’t turn out too well. The first attempt in 2008 by the Chicago-based healthcare real estate investment firm was torpedoed by the economic downturn, and a second IPO attempt in 2009 fell through due to resistance from investors.
But the third time was a charm. Aviv began trading on the New York Stock Exchange March 21 and the real estate investment trust (REIT) saw its share price close that day at $22.55, up almost 13 percent from its IPO estimate of $20 per share. Five days later, March 26, the REIT announced that it had not only sold out of its planned IPO of 13.2 million shares of common stock,
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