Markets

New York City REIT Clipper Realty sets terms for $103 million IPO

Clipper Realty, a REIT focused on multi-family and commercial properties in New York City, announced terms for its IPO on Tuesday.

The New York, NY-based company plans to raise $103 million by offering 7.1 million shares (2% insider) at a price range of $13.50 to $15.50. At the midpoint of the proposed range, Clipper Realty would command a fully diluted market value of $656 million.

The company's properties include the Tribeca House and Brooklyn's Flatbush Gardens.

Clipper Realty was founded in 2015 and booked $72 million in pro forma revenue for the 9 months ended September 30, 2016. It plans to list on the NYSE under the symbol CLPR. FBR Capital Markets and Raymond James are the joint bookrunners on the deal. It is expected to price later this month.

The article New York City REIT Clipper Realty sets terms for $103 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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