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Invitation Homes, a Dallas-based residential REIT backed by The Blackstone Group, has set its proposed IPO terms to 77 million shares being offered at between $18 and $21 per share. That means it would raise $1.5 billion at an initial market cap of around $5.89 billion, were it to price in the middle of its range. The company plans to trade on the NYSE under ticker symbol INVH, with Deutsche Bank serving as left-lead underwriter. Expect the actual pricing to occur late next week.

• Why it's a big deal: This is expected to be the first mega-IPO of 2017 (with all apologies to AppyDynamics, which is scheduled to price this Wednesday night), setting the stage for Snap in March. It's also a moment of truth for Blackstone's post-crisis bet on the U.S. housing market ― having scooped up nearly 50,000 single-family properties beginning in 2012. The big question is how investors will react, given some sentiments that we're either at or past the rebound peak.

• Bottom line: "We realized in studying the sector that there were already 13 million homes in the United States that were being rented out, but just done so on a mom-and-pop basis. And so could you build a scale institutional single-family business much like what happened in the multifamily business in the 1990s." -- Blackstone real estate boss Jonathan Gray.

Go deeper

Burnout, money, concern drive Harris turnover

Vice President Kamala Harris and another potential 2024 presidential candidate, Transportation Secretary Pete Buttigieg, appeared together Thursday in Charlotte, N.C. Photo: Logan Cyrus/AFP via Getty Images

Burnout, better opportunities and concern about being permanently branded a "Harris person" is driving some of the turnover in Vice President Kamala Harris's office, people familiar with the situation tell Axios.

Why it matters: Harris is not only a heartbeat from the presidency but, by virtue of her office, the presumed 2024 frontrunner if President Biden doesn't seek re-election. There's been an inordinate amount of disarray — and, now, turnover — throughout her tenure.

Updated 3 hours ago - Health

WHO: Delta health measures help fight Omicron

Photo: Mario Tama/Getty Images

Health measures taken to combat COVID-19 before the emergence of Omicron would also help against the new variant of concern, World Health Organization officials said Friday.

What they're saying: Takeshi Kasai, WHO regional director for the Western Pacific, said during a virtual briefing broadcast from Manila, Philippines, that border controls imposed by the U.S. and other nations can "buy time" to deal with the variant, but warned "every country and every community must prepare for new surges in cases."

4 hours ago - Health

Nevada to impose insurance surcharge on unvaccinated state workers

Nevada Gov. Steve Sisolak. Photo: Ethan Miller/Getty Images

Nevada's Public Employees' Benefit Program Board voted Thursday to charge workers enrolled in public employee health insurance plans a surcharge of up to $55 a month if they're not vaccinated against COVID-19, the Las Vegas Review-Journal reports.

Why it matters: Nevada is the first state to announce such a move, per AP.