Charlotte-based real estate investment firm RiverBanc Multifamily Investors has delayed its initial public offering.
In an email to the Observer, Chief Executive Officer Kevin Donlon said the firm decided earlier this week to postpone the IPO until public markets stabilize.
“Public investor sentiment is clearly very low right now and we do not believe we will achieve the best execution for our investors in a negative environment,” Donlon said.
The firm, which makes investments in apartment communities, was expected to go public the week of July 27, according to IPO tracker Renaissance Capital. The firm was expected to sell 3.8 million shares at a price between $19 and $20, raising $74.1 million at the middle of that range, according to a filing with the U.S. Securities and Exchange Commission.
According to its website, RiverBanc lends and invests nationwide and has a portfolio secured by more than $9 billion of loans backed by 550 properties.
Staff writer Rick Rothacker contributed.