Credit: Shutterstock photoETRE Residential LLC, a REIT formed to own an interest in a residential rental property in Philadelphia, PA, announced terms for its IPO on Friday.
The New York, NY-based company plans to raise $33.75 million by offering 3.3 million shares at a price of $10 per share. At that price, ETRE Residential LLC would command a fully diluted market value of $33.84 million.
With a market cap of under $50 million, Renaissance Capital will not include ETRE Residential in our IPO stats.
ETRE Residential LLC, which was founded in 2015 and booked $4 million in revenue for the fiscal year ended December 31, 2014, plans to list on the Nasdaq under the symbol EPNT. Joseph Gunnar & Co. is the sole bookrunner on the deal. No IPO date was disclosed.
The article PENNthouses for rent: ETRE Residential LLC sets terms for $33 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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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.
