RCS Capital, a newly organized wholesale broker-dealer, investment bank and transaction management services provider, filed on Friday with the SEC to raise up to $86 million in an initial public offering. It holds a leading position in the direct investment program industry, with a 28% market share measured by equity raised. RCS Capital derives the majority of its revenues from services provided on behalf of or directly to American Realty Capital, which sponsors several public non-traded REITs. The company, which generated $287.5 million in revenues for the 12 months ended 12/31/2012, has seen revenues grow at a 59% CAGR since 2010.
The New York, NY-based company plans to list on the NASDAQ under the symbol RCAP. Ladenburg Thalmann & Co. and Realty Capital Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
