Following 2011 failed IPO attempt, REIT Orchid Island Capital sets terms for $35 million deal

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Orchid Island Capital, a Bimini Capital-managed REIT focused on investing in agency RMBS, announced terms for its IPO on Monday. The Vero Beach, FL-based company plans to raise $35 million by offering 2.4 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Orchid Island Capital would command a fully diluted market value of $50 million. Orchid Island Capital, which was founded in 2010 and booked $3 million in sales for the 12 months ended 9/30/2012, plans to list on the NYSE under the symbol ORC. Ladenburg Thalmann & Co. was originally the only underwriter listed, but the most recent filing added Oppenheimer & Co., Mitsubishi UFJ Securities, Aegis Capital, Maxim Group and National Securities as underwriters on the deal.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.




This article appears in: News Headlines , IPOs

Referenced Stocks: ORC

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