Clipper Realty, a REIT focused on multi-family and commercial properties in New York City, announced terms for its IPO on Tuesday.
The New York, NY-based company plans to raise $103 million by offering 7.1 million shares (2% insider) at a price range of $13.50 to $15.50. At the midpoint of the proposed range, Clipper Realty would command a fully diluted market value of $656 million.
The company's properties include the Tribeca House and Brooklyn's Flatbush Gardens.
Clipper Realty was founded in 2015 and booked $72 million in pro forma revenue for the 9 months ended September 30, 2016. It plans to list on the NYSE under the symbol CLPR. FBR Capital Markets and Raymond James are the joint bookrunners on the deal. It is expected to price the week of February 6th, 2017.
