A Charlotte-based firm that makes investments in apartment communities is expected to go public next week, according to IPO tracker Renaissance Capital.
RiverBanc Multifamily Investors is expected to sell 3.8 million shares at a price between $19 and $20, raising $74.1 million at the middle of that range. The proceeds will be go toward buying a predecessor portfolio and making future investments, according to a filing with the U.S. Securities and Exchange Commission.
Investment banks Baird, Keefe Bruyette & Woods and Suntrust Robinson Humphrey are lead managers of the offering, according to Renaissance Capital, which manages IPO-focused exchange traded funds.
RiverBanc was founded in 2010 by CEO Kevin Donlon, according to its web site. From 1997 to 2004, Donlan worked in Bank of America’s capital markets group before founding Helix Financial Group, a commercial real estate advisory firm sold to BlackRock in 2010. Douglas Neal, previously with Neal Capital and Bank of America, is president.
RiverBanc lends and invests nationwide and has a portfolio secured by more than $9 billion of loans backed by 550 properties, according to its web site.