Mortgage REIT Sets Terms For $86M IPO

Posted by Orb Staff on March 15, 2013 No Comments
Categories : Residential Mortgage

13475_dollar_cartoon Mortgage REIT Sets Terms For $86M IPO Five Oaks Investment, a New York-based real estate investment trust (REIT) focused on investing in, financing and managing agency and non-agency residential mortgage-backed securities, has announced terms for its initial public offering (IPO).

The REIT plans to raise $86 million in its IPO by offering 5.7 million shares at a price of $15. At the proposed price, Five Oaks Investment estimates that it would command a market value of $111 million.

Five Oaks Investment was founded in 2012 and booked $6 million in sales for the 12 months ending Dec. 31, 2012. It plans to list on the New York Stock Exchange under the symbol ‘FOIC.’

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