Mortgage-based real estate investment trust Five Oaks Investment Corp (OAKS) raised roughly $85.5 million in its initial public offering Friday.
The REIT price its IPO of 4.03 million shares of common stock at the expected price of $15 per share. The company is also selling 1.67 million shares of common stock at $15 per share in a concurrent private placement to an indirect wholly owned subsidiary of XL Group (XL), for a total expected sale of 5.7 million shares.
The expected sale would raise $85.5 million in gross proceeds, $60.5 million from the public offering and $25 million form the concurrent private placement.
The offering is expected to close March 27.