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Mortgage REIT ZAIS Financial sets terms for $120 million IPO
By: Renaissance Capital
ZAIS Financial, a mortgage REIT that invests in agency and non-agency RMBS, announced terms for its IPO on Wednesday. The Red Bank, NJ-based company plans to raise $120 million by offering 5.7 million shares at $21.25. At the proposed offer price, ZAIS Financial would command a fully diluted market value of $189 million. ZAIS Financial, which was founded in 2011 and booked $8 million in sales for the 12 months ended September 30, 2012, plans to list on the NYSE under the symbol ZFC. Deutsche Bank, Citi, Barclays and Credit Suisse are the joint bookrunners on the deal.