Real Estate Finance Cos. Colony, Apollo Halve IPOs

Law360, New York (September 23, 2009, 4:23 PM EDT) -- Real estate investment trusts Colony Financial Inc. and Apollo Commercial Real Estate Finance Inc. halved their proposed initial public offerings Wednesday.

Colony revised its IPO to 12.5 million shares at $20 per share, in a deal now worth $250 million. The company had filed for a 25 million share IPO on Sept. 8.

The original IPO filing had included 3.75 million overallotment shares for underwriters, potentially adding $75 million to the deal. That amount too has been halved, to 1.875 million shares.

Apollo's revised IPO is...
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