Sachem Capital, a REIT focused on short-term loans secured by property in Connecticut, announced terms for its IPO on Friday.
The Branford, CT-based company plans to raise $15 million by offering 3 million shares at a price of $5. At this price, Sachem Capital would command a fully diluted market value of $58 million. The REIT has a yield of $0.40 per annum (8.0% at $5).
Sachem Capital was founded in 2010 and booked $4 million in revenue for the 12 months ended September 30, 2016. It plans to list on the NYSE MKT under the symbol SACH. Joseph Gunnar & Co. is the sole bookrunner on the deal. Timing has not been announced.
