Five Oaks Investment, a New York-based real estate investment trust (REIT) focused on investing in, financing and managing agency and non-agency residential mortgage-backed securities, has announced terms for its initial public offering (IPO).
The REIT plans to raise $86 million in its IPO by offering 5.7 million shares at a price of $15. At the proposed price, Five Oaks Investment estimates that it would command a market value of $111 million.
Five Oaks Investment was founded in 2012 and booked $6 million in sales for the 12 months ending Dec. 31, 2012. It plans to list on the New York Stock Exchange under the symbol ‘FOIC.’