American Farmland Company, an internally managed REIT with farmland in California, Illinois and Florida, lowered the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $48 million by offering 6 million shares at a price of $8. The company had previously filed to offer 12 million shares at a range of $8.50 to $10.50. At the midpoint of the revised range, American Farmland Company will raise 58% less than previously anticipated.
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 19, 2015.
