Invitation Homes raises US$1.54b in IPO

New York

INVITATION Homes, the largest US home rental company, raised US$1.54 billion in an initial public offering on Tuesday, the company said, setting the stage for a pick-up in IPO activity in 2017.

The stock market debut is the largest by a US real estate investment trust (Reit) since Paramount Group Inc raised US$2.29 billion in 2014 and represents a big win for its private equity owner Blackstone Group LP and Jonathan Gray, who runs the firm's real-estate business.