The IPO Buzz: SmartStop Self Storage REIT Prices IPO at $30 – Below Mid-Point

SmartStop Self Storage REIT (SMA) priced its lPO at $30.00 – below the $31.50 mid-point of its $28.00-to-$35.00 price range – and sold 27.0 million shares – the number of shares in the prospectus – on Tuesday night, April 1^st. Shares of SmartStop Self Storage REIT are expected to start trading today – Wednesday, April 2, 2025 – on the New York Stock Exchange. The Laguna Beach, California-based company is a real estate investment trust (REIT) incorporated in Maryland. At pricing, SmartStop Self Storage REIT had a market cap of about $1.5 billion. J.P. Morgan and Wells Fargo Securities served as the lead joint book-runners. The joint book-running team included another eight investment banks: KeyBanc Capital Markets, BMO Capital Markets, Truist Securities, Baird, Stifel, National Bank of Canada Financial Markets, Raymond James and Scotiabank. SmartStop Self Storage REIT Inc. owned or managed 208 properties in 22 states, the District of Columbia and three provinces in Canada, as of Dec. 31, 2024, according to the prospectus. The company said in the prospectus that it is the 10th-largest owner and operator of self-storage properties in the United States,  according to the Inside Self Storage Top-Operators List for 2024 – and it was the largest in the Greater Toronto Area, based on rentable square footage, according to Colliers.  In the prospectus, SmartStop Self Storage REIT Inc. said it intends to use the IPO proceeds to pay down some debt, redeem its outstanding Series A Preferred Stock, repay the 2025 KeyBank Acquisition Facility, fund external growth with property acquisitions, and provide funds for other general corporate purposes. The real estate investment trust company is not profitable, according to financial statements in the prospectus. For the 12 months that ended Dec. 31, 2024, SmartStop Self Storage REIT reported a net loss of  $18.38 million on revenue of $237.01 million. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) (Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.) To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the  shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.