$100 Million IPO Plans Withdrawn By RMF REIT
Reverse Mortgage Investment Trust has withdrawn its application for initial public offering. REIT actually owns Reverse Mortgage Funding and in December of 2014 the company filed paperwork to raise $100 million through initial offering, according to Reverse Mortgage Daily. Now, it looks like the tides have turned.
"The REIT planned to trade on the New York Stock Exchange under the ticker symbol RMIT, according to Renaissance Capital, and had $19 million in revenue for the year ended June 2015," according to the report.
"A variety of big investment names were signed on to underwrite the deal, including Credit Suisse, Barclays, and UBS Investment Bank."
Since the filing of the application three years ago, action was scarce and without explanation it was withdrawn on Wednesday. That being said, it does not seem to have an impact on REIT or RMF, which is still a top contender in the Home Equity Conversion Mortgage world.
To learn more about the decision, click on the image above.
