April 1 Ellington Residential Mortgage REIT filed with U.S. regulators to raise up to $100 million in an initial public offering of its common shares, making it the latest private equity-backed company to file to go public this year.
Blackstone Group -backed Ellington Residential Mortgage, which invests in residential mortgage- and real estate-related assets, did not disclose the number of shares it planned to sell or their expected price.
Large companies that were taken over by private equity firms during the 2005-2007 buyout heyday are starting to tap the public markets as U.S. stock markets rally to record highs.
Private equity-supported companies such as Bain Capital-backed Bright Horizons Family Solutions Inc, Apollo Global Management-supported Norwegian Cruise Line and Madison Dearborn-backed Boise Cascade have had an impressive run on the markets after listing earlier this year.
Other private equity-backed companies such as drugmaker testing services provider Quintiles Transnational Corp and industrial distribution company HD Supply are also gearing up for IPOs this year.
Ellington Residential Mortgage plans to list its shares on the New York Stock Exchange under the symbol "EARN."
Credit Suisse Securities (USA) and Deutsche Bank Securities are acting as representatives of the underwriters for the offering. ()
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.