AG Mortgage Investment Trust ups IPO size
(Reuters) - AG Mortgage Investment Trust Inc, which has been facing a bumpy ride ahead of its listing, raised the number of shares it is offering in its initial public offering, but will still raise less than it planned in March.
In a regulatory filing on Wednesday, the mortgage real estate investment trust said it would sell 5.5 million shares at an expected price of $20 per share, raising about $110 million.
Earlier this month, the company said it would sell 3.75 million shares for $20 per share and replaced its lead underwriters in a drastically reduced offering, after its postponed its listing in April due to market conditions.
The company, which is managed by a subsidiary of investment advisor Angelo Gordon, originally planned to sell 12.5 million shares at the same price and was expected to begin trading on April.
The REIT was expected to be one of the first of a raft of similar offerings to hit the U.S. market in the coming months as investors look to profit from a recovery in the U.S. mortgage bond market.
The trust plans to invest in, buy and manage a portfolio of residential mortgage assets, according to a filing with the U.S. Securities and Exchange Commission.
The company said its common stock has been approved for listing on the New York Stock Exchange under the symbol "MITT."
(Reporting by Jochelle Mendonca in Bangalore; Editing by Prem Udayabhanu)
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