Prologis to Float New Stock Issue

By Eric Volkman – Apr 25, 2013 at 7:40PM

NYSE: PLD

Prologis

Market Cap

$96B

Today's Change

(0.17%) $0.17

Current Price

$103.35

Price as of April 25, 2024, 4:00 p.m. ET

The real estate operator aims to take in over $1.2 billion from the flotation.

Prologis (PLD 0.17%) has announced that it will sell 31 million new pieces of itself. That's the number of common shares it will float in an upcoming, underwritten public stock offering. The price of the shares will be $41.60 apiece, and the company's underwriters have been granted a 30-day purchase option for up to an additional 4.65 million shares to cover overallotments, if any.

Prologis is to use the proceeds of the issue for debt repayments, as well as for "general corporate purposes."

Morgan Stanley, JPMorgan Chase unit J.P. Morgan, Goldman Sachs, and Wells Fargo's Securities arm are the joint book-runners of the issue.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs and Wells Fargo and owns shares of JPMorgan Chase and Wells Fargo. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.