The Wednesday morning pricing was below the $6.64 the company’s stock closed at on Tuesday. That in turn has driven a massive sell-off of the stock. Its volume was over 16 million shares traded as of midday Wednesday when the three-month average is 1.3 million.
In morning trading, NorthStar has been in a narrow range of $6.34 to $6.42 per share.
This is the company’s second offering this year. Back in February, it sold 15 million shares at $5.55 per share.
Deutsche Bank Securities and UBS Investment Bank are the joint book-running managers of this offering.