- REIT American Farmland (AFCO) has priced its initial public offering at $8/share -- below an expected range of $8.50-$10.50, but that range was set when it expected to sell 12M shares.
- The firm's selling 6M shares at that price and will begin trading tomorrow on the NYSE. Underwriters have a 30-day option to buy up to 900,000 more shares.
- The company, which owns farmland in California, Illinois and Florida and is internally managed, will use proceeds to pay $25M in debt and for general purposes, including capex for existing farms.
- Previously: Farmland REIT IPO on the way (Oct. 06 2015)