JAVELIN Mortgage Investment Announces IPO Pricing Wednesday, October 3, 12:53 PM ET
JAVELIN Mortgage Investment Corporation (JMI) announced plans to raise $150 million in its IPO and concurrent private placement. The company has priced its initial public offering of 7,250,000 shares of common stock at $20.00 per share, raising $145 million in gross proceeds. JAVELIN has also granted the underwriters a 30-day option to purchase up to an additional 1,087,500 shares of common stock to cover over-allotments.
The Company is also selling 250,000 shares of common stock for $20.00 per share in a concurrent private placement, raising $5 million in gross proceeds.
Shares of JAVELIN's common stock are expected to begin trading today on the New York Stock Exchange under the ticker symbol "JMI."
The Company intends to use the proceeds from the offering and concurrent private placement to acquire its target assets, which consist of residential mortgage-backed securities issued or guaranteed by U.S. Government-sponsored entities , residential mortgage-backed securities that are not issued or guaranteed by U.S. Government-sponsored entities and other mortgage-related investments.
Deutsche Bank Securities (NYSE:DB), Citigroup (NYSE:C), Barclays (NYSE:BCS) and Credit Suisse (NYSE:CS) are the joint book runners for the offering.
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