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Micro-cap mortgage REIT Sachem Capital sets terms for $15 million IPO

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Sachem Capital, a mortgage REIT focused on short-term loans secured by property in Connecticut, announced a date for its IPO on Wednesday. It is expected to price on February 9, 2017.

The Branford, CT-based company plans to raise $15 million by offering 3 million shares at a price range of $5 to $5. At the midpoint of the proposed range, Sachem Capital would command a fully diluted market value of $58 million.

Sachem Capital was founded in 2010 and booked $4 million in revenue for the 12 months ended September 30, 2016. It plans to list on the NYSE MKT under the symbol SACH. Joseph Gunnar & Co. is the sole bookrunner on the deal.

The article Micro-cap mortgage REIT Sachem Capital sets terms for $15 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

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


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

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