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.
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