Farmland Partners, an internally managed REIT that owns farmland properties in North America, announced terms for its IPO on Monday. The Westminster, CO-based company plans to raise $70 million by offering 4.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, it would command a fully diluted market value of $102 million.
Farmland Partners, which was founded in 2013 and booked $2 million in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol FPI. Farmland Partners initially filed confidentially on December 3, 2013. Baird, BMO Capital Markets and Janney Montgomery Scott are the joint bookrunners on the deal.
