Real estate investment trust Orchid Island Capital priced its initial public offering at $15, according to Renaissance Capital.

The company raised $35 million by offering 2.4 million shares within the range of $14 to $16.

Orchid focuses primarily on investments in agency mortgage-backed securities. The company will list on the New York Stock Exchange under the symbol ORC.

Ladenburg Thalmann and Oppenheimer & Co. acted as lead managers on the deal, Renaissance Capital noted.

At the beginning of February, Orchid set its IPO terms.

The company attempted to convert to a REIT, but failed to do so in 2012.