Ellington Residential Mortgage REIT, a mortgage REIT that invests in Agency RMBS and non-Agency RMBS, announced terms for its IPO on Tuesday. The Old Greenwich, CT-based company plans to raise $129 million by offering 6.5 million shares at a price of $20. At the proposed price, Ellington Residential Mortgage REIT would command a market value of $183 million.
Ellington Residential Mortgage REIT, which was founded in August 2012 and is yet to generate revenue, plans to list on the NYSE under the symbol EARN. Credit Suisse, Deutsche Bank, Citi and UBS are the joint bookrunners on the deal.
