<article>Real estate investment trust <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=MGM+Growth+Properties+LLC">MGM Growth Properties LLC</a> said on Tuesday it had raised $1.05 billion in its US initial public offering, in the latest sign that investors are becoming more receptive to new stock market flotations.</article>

Real estate investment trust <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=MGM+Growth+Properties+LLC">MGM Growth Properties LLC</a> said on Tuesday it had raised $1.05 billion in its US initial public offering, in the latest sign that investors are becoming more receptive to new stock market flotations.
MGM Growth&#8217;s successful pricing follows exchange operator <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Bats+Global+Markets+Inc">Bats Global Markets Inc</a>&#8216;s offering last week as the second major IPO of the year. With stock market jitters having all but frozen the IPO market this year, the two successful share offerings are fostering new optimism among IPO hopefuls.
&#8220;I don&#8217;t think one IPO a market makes, but these are all good things in the context of what&#8217;s going on in the equity market,&#8221; said Daniel Klausner, managing director at <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=PwC.">PwC.</a>
Other IPOs are also attempting to brave the market this week. Outpatient dialysis company American Renal Associates Holdings Inc is expected to price its IPO on Wednesday, while <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=SecureWorks+Corp">SecureWorks Corp</a>, a cyber security firm owned by Dell Inc, is expected to price its IPO on Thursday.
MGM Growth Properties priced 50 million shares at $21 per share, the top end of its previously indicated range of $18 to $21, according to a statement.
MGM Growth Properties owns a portfolio of casino resort properties carved out of MGM Resorts International Inc, which has a market capitalization of roughly $13 billion. Six of its properties are on the Las Vegas Strip, including Mandalay Bay and the Mirage. MGM Resorts shareholders will own roughly 76 percent of MGM Growth Properties.
MGM Resorts launched the real estate investment trust after pressure from activist fund Land and Buildings , which cited a similar separation from <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Penn+National+Gaming+Inc">Penn National Gaming Inc</a> of Gaming and Leisure Properties Inc
GLPI&#8217;s strong stock performance and recent success in selling new shares to the public helped generate enthusiasm for MGM Growth, said an investor in the IPO, who asked not to be named because the matter is confidential.
The company&#8217;s established business model and well-known, sizable parent also buoyed interest, according to the source.
Shares of MGM Growth Properties are due to list on the New York Stock Exchange on Wednesday under the ticker &#8220;MGP.&#8221; The company will use the proceeds to pay down debt.
BofA Merrill Lynch, J.P. Morgan, Morgan Stanley, Evercore ISI, Barclays, Citi and Deutsche Bank are the joint bookrunners on MGM Growth Properties&#8217; IPO.
Also Read: 
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/plife-reit-issues-3-3b-yen-fixed-rate-notes-due-2022-35775/">Singapore: PLife REIT issues $29m fixed rate notes due 2022</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/indonesia-cuts-reits-tax-to-0-5-to-attract-property-developer-raises-fund-from-domestic-market-35717/">Indonesia plans to cut REITs tax to 0.5% encouraging property developers to raise funds in domestic market</a>
Reuters

MGM Growth's successful pricing follows exchange operator Bats Global Markets Inc's offering last week as the second major IPO of the year. 

US real estate investment trust MGM Growth raises $1.05b in IPO

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

US real estate investment trust MGM Growth raises $1.05b in IPO

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief