American Farmland Company, an internally managed REIT with farmland in California, Illinois and Florida, announced terms for its IPO on Tuesday.
The New York, NY-based company plans to raise $114 million by offering 12 million shares at a price range of $8.50 to $10.50. At the midpoint of the proposed range, American Farmland Company would command a fully diluted market value of $252 million.
American Farmland Company, which was founded in 2009 and booked $9 million in sales for the 12 months ended June 30, 2015, plans to list on the NYSE under the symbol AFCO. Deutsche Bank, Citi, Raymond James, RBC Capital Markets and FBR Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of October 12.
