NEW YORK (AP) -- Shares of American Homes 4 Rent dropped Thursday after the real estate company's IPO raised $705.9 million.
The company sold 44.1 million shares for $16 each. Its IPO priced at the low end of the expected range of $16 to $18.
Its shares trade on the New York Stock Exchange under the ticker symbol "AMH." They dropped 40 cents, or 2.5 percent, to $15.60 Thursday.
American Homes 4 Rent acquires, renovates and leases residential homes. The real estate investment trust is based in Agoura Hills, Calif.
It expects $743.9 million in proceeds from the offerings after expenses.
The banks managing the IPO could buy an additional 6.6 million shares if there's demand. The company is also selling another $75 million in shares through private placements.