SmartStop Self Storage REIT Raises $810 Million In U.S. IPO

SmartStop Self Storage REIT Inc. raised $810 million in an initial public offering Tues., April 1, 2025, pricing its shares in the bottom half of a marketed range.

The Ladera Ranch, Calif.-based company sold 27 million shares for $30 each, according to a statement. SmartStop initially marketed 27 million shares for $28 to $36 apiece before lowering the price range to $28 to $35 on Friday.

At the IPO price, SmartStop has a market value of $1.54 billion based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.

The listing comes at a time when the US IPO market has struggled to find its stride, with few offerings generating enthusiasm on Wall Street this year. Even marquee debuts have fallen short of investor expectations, including that of cloud-computing provider Coreweave Inc. on Friday.

Founded in 2009, SmartStop, owns or manages more than 200 storage facilities across the U.S. and Canada, totaling over 16.7 million rentable square feet, according to its filings. It was ranked No. 11 on Messenger’s 2024 Top Operators list. 

SmartStop had a net loss of $18.4 million on revenue of $237 million for 2024, compared with a net loss of $2.7 million on revenue of $233 million a year earlier, according to the filing.

The company, whose stock has previously traded over the counter, has said it intends to grant the underwriters a 30-day option to purchase up to an additional 4 million shares of its common stock at the public offering price.

The offering is being led by JPMorgan Chase & Co., Wells Fargo & Co., KeyBanc Capital Markets, BMO Capital Markets and Truist Securities. Its shares are expected to begin trading Wednesday on the New York Stock Exchange under the symbol SMA.

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