NEW YORK - Crexus Investment Corp estimates its planned initial public offering will yield $500 million, according to an updated prospectus filed on Monday with the U.S. Securities and Exchange Commission.
Crexus, which filed for its IPO in June, said it expected its 33.3 million shares to price at $15 apiece.
Crexus will manage and finance commercial mortgage loans, commercial mortgage-backed securities, and other commercial real estate-related assets and be externally managed by a subsidiary of Annaly Capital Management Inc (NLY.N), a real estate investment trust.
Crexus plans to qualify as a REIT this year.
While no date for the pricing of the IPO was disclosed in the filing, it is common for an IPO to launch within two to three weeks of a company setting its price estimate.
The IPO will be led by Deutsche Bank Securities and Bank of America Merrill Lynch.
Crexus plans to list on the New York Stock Exchange under the symbol CXS (CXS.N). (Reporting by Phil Wahba; editing by John Wallace)