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$130M IPO announced by Cherry Hill Mortgage


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Moorestown-based Cherry Hill Mortgage Investment Corporation announced Thursday its initial public offering, consisting of 6.5 million shares at $20 per share. The stock begins trading today on the New York Stock Exchange under the symbol CHMI.

According to the announcement, in connection with the offering, the company has granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock to cover over-allotments, if any. The offering is expected to close on October 9, 2013, subject to customary closing conditions.

Barclays Capital Inc., Morgan Stanley & Co. LLC, Citigroup Global Markets Inc. and UBS Securities LLC are serving as joint book-running managers for the offering. FBR Capital Markets & Co., JMP Securities LLC and Sterne, Agee & Leach, Inc. are serving as co-managers for the offering, the company said in a statement.

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