REIT IPO Pricing: Douglas Emmett Inc. (DEI)
Douglas Emmett Inc. (DEI) priced its 66 million share IPO priced at $21.00, at the top of range and on a higher number of shares. The underwriters increased the number of shares to be sold in this offering to 66 million shares from 55 million and the range was $19.00 to $21.00 per share. The book-runners were Lehman, Merrill Lynch, and Citigroup; and co-managers were listed as Wachovia, UBS, Banc of America, AG Edwards, Raymond James, Wells Fargo, and BMO Capital Markets. The company is a fully integrated real estate investment trust.