Orchid Island Capital, a specialty finance company that invests in residential mortgage-backed securities, lowered the proposed deal size for its upcoming IPO on Friday. The Vero Beach, FL-based company now plans to raise $42 million by offering 5.2 million at a price of $8. The company had previously filed to offer 7.5 million at a range of $10.00 to $12.00. At the revised price, Orchid Island Capital will raise 50% fewer proceeds than previously anticipated. Orchid Island Capital, Inc., which was founded in 2010, plans to list on the NYSE under the symbol ORC. Barclays Capital and JMP Securities are the lead underwriters on the deal. It is expected to price during the week of July 25.
