NEW YORK (AP) — Silver Bay Realty Trust Corp. shares are nearly flat Friday in their market debut after the company raised $245.1 million in its initial public offering of stock.
The stock is up 4 cents at $18.54 in midday trading. It earlier went as low as $18.25 and as high as $18.82.
Silver Bay was recently created to buy homes and rent them out, as the U.S. housing market slowly heals. It will be managed by investment firms Pine River and Provident.
The $18.50 price for Silver Bay's IPO was at the low end of its expected range of $18 to $20 per share.
Silver Bay is expected to buy about 3,100 single-family homes from Two Harbors Investment Corp., a publicly traded real estate investment trust, and from Provident.