Student housing developer Campus Crest Communities raises US$354.2M in IPO, will use net proceeds to reduce debt

NEW YORK , October 14, 2010 () – Shares of student housing developer Campus Crest Communities are little changed as they make their stock market debut.

The Charlotte, N.C., company had priced 28.3 million shares at $12.50 apiece, the bottom end of the expected range.

They were unchanged by late morning after rising as high as $12.64 earlier in the session. It was the company's third attempt at going public in three weeks.

The IPO raised $354.2 million. Campus Crest will get net proceeds of $325.8 million and plans to use the money to reduce its debt.

The company builds and manages apartment complexes for college students, with about 12,000 beds as of June 30. The company hopes to develop five to seven new housing projects per year as more parents send their children to school.

The shares trade under "CCG."

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