Texas-focused Reven Housing REIT sets terms for IPO that could raise $29 million
Reven Housing REIT, which will own 468 single-family homes in Florida, Texas and Tennessee, announced terms for its IPO on Tuesday.
The La Jolla, CA-based company plans to raise between $2.9 million and $29 million by offering a minimum of 0.5 million shares and a maximum of 5 million shares at a price of $5.75. Reven currently trades on the OTCQB and has a market cap of $63 million.
The company removed the sole bookrunner from the deal and is now marketing its IPO as a min-max, best efforts offering.
Reven Housing REIT, which was founded in 2012 and booked $7 million in sales for the 12 months ended December 31, 2014, plans to list on the Nasdaq under the symbol RVEN.
The article Texas-focused Reven Housing REIT sets terms for IPO that could raise $29 million originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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