Pimco Mortgage Trust Delays $1B IPO, Citing Market Woes

Law360 (May 14, 2019, 3:30 PM EDT) -- Real estate investment trust Pimco Mortgage Income Trust Inc. on Tuesday delayed a $1 billion initial public offering, citing market conditions for IPOs one day after the stock market posted its worst single-day performance since January.

Newport Beach, California-based Pimco, advised by Latham & Watkins LLP, was scheduled this week to price an offering of 50 million shares at $20 each. It was one of two IPOs set to raise $1 billion before Friday, the other being an estimated $3.7 billion offering by chemicals company Avantor Inc.

“The company elected to postpone the offering as a result of unfavorable equity market...

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