San Diego-based Innovative Industrial Properties Inc., a new investment company focused on medical-use cannabis facilities, plans a Dec. 6 close on a $67 million initial public offering of common stock that began on Dec. 1.
The real estate investment trust announced recently that it was selling 3.35 million shares of common stock on the New York Stock Exchange at a price of $20 per share. A company statement said officials have granted the offering’s underwriters a 30-day option to purchase up to an additional 502,500 shares at the IPO price to cover any over-allotments.
The new company is led by founder and Executive Chairman Alan Gold, the former chairman and CEO of BioMed Realty. The company had originally filed with regulators to sell up to 8.75 million shares in the offering, but subsequently revised the number of shares downward.
Shares of the company (NYSE: IIPR) closed at $19.15 on Dec. 1 and $18.45 on Dec. 2.
