Gladstone Land Prices Initial Public Offering Tuesday, January 29, 4:32 PM ET
Gladstone Land Corporation (NASDAQ:LAND) today announced the pricing of its IPO of 3,333,334 shares of common stock at a price to the public of $15.00 per share. The shares are expected to begin trading on The NASDAQ Global Market under the ticker symbol "LAND" on Tuesday, January 29, 2013. All of the shares are being offered by Gladstone Land. In addition, Gladstone Land has granted the underwriters a 30-day option to purchase an aggregate of up to an additional 500,000 shares at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments. Gladstone Land expects to receive net proceeds of approximately $45.3 million from the offering and intends to use the net proceeds to buy farms and farm-related properties and to use the balance for other general corporate purposes.
Janney Montgomery Scott is acting as sole book runner for the initial public offering. JMP Securities is acting as co-lead manager, and J.J.B. Hilliard Lyons, Ladenburg Thalmann, Maxim Group, National Securities Corporation, Sidoti & Company, Dominick & Dominick, Boenning & Scattergood and Southwest Securities are acting as co-managers for the initial public offering.
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