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.

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Fauci says U.S. may not return to normal until 2022 — Trump's testing czar: Surge "is real" and not just caused by more tests
  2. World: Taiwan reaches a record 200 days with no local coronavirus cases
  3. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  4. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.

In pictures: Storm Zeta churns inland after lashing Louisiana

Debris on the streets as then-Hurricane Zeta passes over in Arabi, Louisiana, on Oct. 28. It's the third hurricane to hit Louisiana in about two months, after Laura and Delta. Photo: Sandy Huffaker/Getty Images

Tropical Storm Zeta has killed at least two people, triggered flooding, downed powerlines and caused widespread outages since making landfall in Louisiana as a Category 2 hurricane on Wednesday.

The big picture: A record 11 named storms have made landfall in the U.S. this year. Zeta is the fifth named storm to do so in Louisiana in 2020, the most ever recorded. It weakened t0 a tropical storm early Thursday, as it continued to lash parts of Alabama and the Florida Panhandle with heavy rains and strong winds.

4 hours ago - World

Taiwan reaches a record 200 days with no local coronavirus cases

Catholics go through containment protocols including body-temperature measurement and hands-sanitisation before entering the Saint Christopher Parish Church, Taipei City, Taiwan, in July. Photo: Ceng Shou Yi/NurPhoto via Getty Images

Taiwan on Thursday marked no locally transmitted coronavirus cases for 200 days, as the island of 23 million people's total number of infections reported stands at 550 and the COVID-19 death toll at seven.

Why it matters: Nowhere else has reached such a milestone. While COVID-19 cases surge across the U.S. and Europe, Taiwan's last locally transmitted case was on April 12. Experts credit tightly regulated travel, early border closure, "rigorous contact tracing, technology-enforced quarantine and universal mask wearing" and the island state's previous experience with the SARS virus for the achievement, per Bloomberg.

Go deeper: As Taiwan's profile rises, so does risk of conflict with China