By IPOdesktop:

Based in Virginia Beach, VA, Armada Hoffler Properties (AHH) scheduled a $ 175 million IPO with a market capitalization of $ 333.5 million at a price range mid-point of $ 12, for Wednesday, May 8, 2013.

10 other IPOs are scheduled for the week of May 6th. The full IPO calendar is here.

  • S-11A filed April 6, 2013
  • Manager, Joint Managers: Baird; Raymond James; Stifel
  • Co Managers: Oppenheimer; BB&T Capital; Janney Montgomery Scott; Wunderlich

SUMMARY

Post IPO AHH plans on paying a dividend of $ .63 per share, which is 5.25% on an annualized basis at the price range mid-point of $ 12.

However, 47% of AHH’s proforma 2012 revenue came from general contracting. There’s never been a REIT in history with such a high revenue percentage coming from general contracting.

Also, the price-to-tangible book value is too high, at 5.9.

 

 

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