Orchid Island Capital IPO to watch: According to the IPO registration statement refiled by Orchid Island Capital, Inc, the finance company proposed an maximum aggregate price $45 million for its public offering, but did not disclose the specific offering price and the number of shares of its common stock which will be sold in the offering. The company plans to have its common stock listed on the NYSE (New York Stock Exchange) under the symbol “ORC.”
Orchid Island Capital, Inc., was organized on August 17, 2010 as a Maryland corporation which primarily invests in residential mortgage-backed securities, or RMBS. The company intends to conduct its operations to qualify as a REIT. After the completion of Orchid Island Capital IPO, the company will be externally managed and advised by Bimini Advisors, LLC. The company intends to make regular quarterly distributions of all or substantially all of its net taxable income to the stockholders to qualify as a REIT.
According to the latest prospectus, Orchid Island Capital intends to invest the net proceeds from the sale of its common stock in this public offering in pass-through Agency RMBS backed by hybrid ARMs, ARMs and fixed-rate mortgage loans and structured Agency RMBS.
The company booked interest income of $69,340, $1.77 million for the period from November 24, 2010 to December 31, 2010 and year 2011, respectively; the company posted a net loss of $30,154 and $1.19 million for the corresponding timeframe. For the first half 2012, the company posted net income of $265,149 on interest income of $1.53 million.
Ladenburg Thalmann & Co. Inc. is acting as the representatives of underwriters for Orchid Island Capital IPO.