RCS Capital Corporation Inc. announced the launch of an initial public offering of 2.75 million shares of its class A common stock. The initial public offering price is expected to be between $19.00 and $21.00 per share. This is a primary offering of shares of RCAP's class A common stock.
The underwriters have the option to purchase from RCAP up to an additional 412,500 shares of class A common stock, on the same terms and conditions, to cover over-allotments, if any.
RCAP has been approved to have its common stock listed on The New York Stock Exchange, subject to notice of issuance, under the NYSE ticker symbol "RCAP." Prior to this offering, there has been no public market for RCAP's class A common stock, the company said.
JMP Securities and Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (LTS), are serving as joint bookrunning managers. Aegis Capital Corp., Maxim Group LLC, National Securities Corporation, a wholly owned subsidiary of National Holdings, Inc. (NHLD.OB), and Realty Capital Securities, LLC are serving as co-lead managers, and Newbridge Securities Corporation and Northland Capital Markets are serving as co-managers.
RCS Capital said it intends to use the net proceeds of this offering, assuming no exercise of the over-allotment option, to expand its lines of business by funding internal growth and by acquiring complimentary businesses, as well as for general corporate needs.
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