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Mortgage REIT Cherry Hill Mortgage sets per share price at $20

By: Renaissance Capital
Posted: 5/29/2013 12:36:00 PM
Referenced Stocks: CHMI

Cherry Hill Mortgage Investment, a mortgage REIT investing in Excess MSRs, Agency RMBS, and prime jumbo mortgage loans, announced a per share price of $20 for its IPO on Wednesday. The Moorestown, NJ-based company did not disclose the quantity of shares that will be offered; however, based on its initial filing, we estimate that Cherry Hill plans to raise up to $150 million. 

Cherry Hill Mortgage Investment, which was founded in 2012 and has yet to commence operations, plans to list on the NYSE under the symbol CHMI. Cherry Hill Mortgage Investment filed confidentially on March 13, 2013. Barclays, Morgan Stanley, Citi and UBS are the joint bookrunners on the deal.