American Healthcare REIT Inc. sold shares in an initial public offering at the bottom of a marketed range to raise $672 million, adding to a run of modest performances as more companies move ahead with new listings.

The Irvine, California-based senior housing and assisted living property sold 56 million shares for $12 each on Tuesday after marketing them for $12 and $15, according to a statement confirming an earlier report by Bloomberg News. At that price, the real estate investment trust has a market value of about $1.5 billion based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.

The self-managed REIT follows KKR & Co.-backed BrightSpring Health Services Inc. and Amer Sports Inc. last month in testing whether a two-year IPO drought in the U.S. is finally coming to an end. BrightSpring’s shares sold for $2 below the marketed range in its $693 million IPO and have since fallen 13%. Amer Sports raised $1.37 billion after pricing its shares $3 below its market range, though the stock has since climbed more than 16%.

The IPO is set to be one of 10 on U.S. exchanges this week by a varied group that includes a biotechnology firm, an insurer and a Mexican grocery chain. Those listings are set to raise well in excess of $1 billion, which would make this week the fourth week in a row to hit that mark.

The past three weeks have delivered IPO volumes ranging from $1.19 billion to $1.56 billion each; a fourth would make it the longest such streak since 2022, according to data compiled by Bloomberg.

American Healthcare, which announced in 2022 that it had filed for an IPO, plans to use the proceeds to pay down debt, the filings show.

The investment vehicle acquires, owns and operates a portfolio of properties such as medical office buildings, senior housing, skilled nursing facilities and hospitals, according to its filings. It has almost 300 properties in states including Indiana, Ohio, Michigan, Texas and Missouri, and valued its assets at about $4.6 billion as of Sept. 30. It also has properties in the UK and the Isle of Man.

The offering is being led by Bank of America Corp. and Morgan Stanley. American Healthcare’s shares are expected to begin trading Wednesday on the New York Stock Exchange under the symbol AHR.

This article was provided by Bloomberg News.