Cerberus Mortgage Capital files for IPO of up to $150 million
(Reuters) - Mortgage REIT Cerberus Mortgage Capital Inc filed with regulators to raise as much as $150 million in an initial public offering of common stock.
The real estate investment trust will use proceeds from the offering to invest in both agency and non-agency residential mortgage-backed securities, it said in a preliminary filing with the U.S. Securities and Exchange Commission on Friday.
The company, which is controlled by an affiliate of private equity firm Cerberus Capital Management LP, did not reveal how many shares it would offer in the IPO or their expected price.
New York-based Cerberus Mortgage Capital said it plans to list its stock on the New York Stock Exchange but did not reveal its planned ticker symbol.
Zais Financial Corp (ZFC.N), another mortgage REIT that went public on Friday, saw its shares fall 6 percent on debut after raising $120 million from its IPO.
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.
(Reporting by Aman Shah in Bangalore; Editing by Maju Samuel)
NEW YORK - Stock futures edged higher on Friday, putting the S&P 500 on track for its biggest weekly climb in two months, as investors appeared confident the economy will grow even as the Federal Reserve scales back its monthly stimulus.
WASHINGTON - Start-up companies will be able to raise much more capital through certain public stock deals without facing costly regulatory burdens under a proposal announced by U.S. securities regulators on Wednesday.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.