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Investments / The Ticker

Orchid Island sets REIT IPO terms

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Orchid Island Capital, a firm that invests in government-backed residential mortgage-backed securities, is attempting to convert to a real estate investment trust again, after failing to do so in 2011.

According to Renaissance Capital, the Vero Beach, FL-based company plans to raise $35 million by offering 2.4 million shares at a price range of $14 to $16.

The company makes around $3 million a year and plans to list on the NYSE under the symbol ORC.

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