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UPDATE 1-Provident Mortgage Capital cuts IPO size
2012年2月29日 / 下午1点42分 / 6 年前

UPDATE 1-Provident Mortgage Capital cuts IPO size

* Intends to sell 5 mln shares at $15/shr

* Earlier planned to offer 8.3 mln shares at the same price

Feb 29 (Reuters) - Provident Mortgage Capital Associates Inc said in a regulatory filing that it now plans to offer 5 million shares at $15 per share. At the new price, the specialty finance company expects to raise about $72 million.

The new price is less than a quarter of what it intended to raise when it first filed for a $300 million IPO in March last year.

Earlier this month, the San Bruno, California-based company had planned to offer 8.3 million shares at $15 apiece.

The company, which was formed to acquire residential mortgage loans, residential mortgage-backed securities and other mortgage-related assets, hopes to qualify as a real estate investment trust by the end of 2012.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

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