Last month, Angel Oak Mortgage announced it was going public. The Atlanta, GA based company has now announced further details of the IPO.
A filing by Angel Oak with the Securities and Exchange Commission (SEC) revealed plans to sell 8,050,000 shares of common stock on the New York Stock Exchange (NYSE) under the symbol “AOMR”. The Real Estate Investment Trust, which focuses on unqualified mortgage loans, expects to raise up to $ 150 million with an IPO price of between $ 20 and $ 21 per share.
Angel Oak Mortgage intends to use the net proceeds from the IPO to raise non-qualifying mortgage loans (notQM) and other target assets obtained primarily from affiliates of Angel Oak Capital Advisors or other target assets through the secondary market.
CPPIB Credit Investments, a private equity firm, has agreed to invest $ 40 million in the company’s common stock after going public, according to a report from Inside Mortgage Finance.
Continue reading: Angel Oak Mortgage Records for IPO
Joint-book-running managers for the offering include Wells Fargo Securities, BofA Securities, Morgan Stanley and UBS Investment Bank. B. Riley Securities is acting as the bookrunner for the offering and Nomura and Oppenheimer & Co. are acting as co-managers.