American Homes 4 Rent announced Friday that it will raise an additional $106 million in connection with its initial public offering last month.
Underwriters have exercised options to purchase 6.6 million shares in the Agoura Hill’s home-leasing company at a price of $16 a share. The option is expected to close Aug. 21.
The real estate investment trust raised $706 million in its July 31 IPO, selling 44 million shares priced at $16. It owns and rents 14,210 single-family homes in 20 states and reports having another 1,425 in escrow.
Goldman Sachs & Co., BofA Merrill Lynch, FBR, J.P. Morgan, Wells Fargo Securities, Citigroup, Credit Suisse, Jefferies, Morgan Stanley and Raymond James have acted as joint book-running managers for the IPO.
Billionaire B. Wayne Hughes, the company’s co-founder and chairman, also founded Public Storage Inc. of Glendale.
Shares gained 6 cents, or a fraction of a percent, to close at $16.06 on the New York Stock Exchange.