National storage affiliates got off to a tepid start as shares of the start-up self-storage REIT traded flat on their debut last Thursday, both opening and closing NYSE trading at the US$13.00 offer price. The disappointing outcome partially reflects investor pushback against an innovative corporate structure designed to incentivise growth. Jefferies, Morgan Stanley and Wells Fargo last Wednesday placed 20m shares at the US$13.00 offer price, well below the US$15-$17 they had targeted. The banks indicated solid support from "blue-chip" investors at the lower asking price.
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