Apartment hunting: RiverBanc Multifamily Investors sets terms for $74 million IPO

Apartment hunting: RiverBanc Multifamily Investors sets terms for $74 million IPO

RiverBanc Multifamily Investors, a residential REIT formed to own debt and equity interests in apartment communities, announced terms for its IPO on Wednesday.
The Charlotte, NC-based company plans to raise $74 million by offering 3.8 million shares at a price range of $19 to $20. At the midpoint of the proposed range, RiverBanc Multifamily Investors would command a fully diluted market value of $129 million.
RiverBanc Multifamily Investors, which was founded in 2013 and booked $1 million in sales for the 12 months ended December 31, 2014, plans to list on the Nasdaq under the symbol RMI. Baird, Keefe Bruyette Woods, Suntrust Robinson Humphrey, Nomura Securities and Oppenheimer & Co. are the joint bookrunners on the deal. It is expected to price during the week of July 27, 2015.

prepared by Renaissance Capital's research analysts

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