RCS Capital Corp. (RCAP) said Monday that it has closed its initial public offering of 2.5 million shares of its Class A common stock at $20.00 per share.
The shares began trading on the New York Stock Exchange on June 5 under the ticker symbol "RCAP".
The underwriters have the option to purchase from the company up to an additional 375,000 shares of Class A common stock, on the same terms and conditions, for the purpose of covering over-allotments, if any, exercisable by the underwriters during a 45-day period ending on July 20.
RCS Capital plans to use the net proceeds from its initial public offering to expand its lines of business, which consist of its wholesale broker-dealer, its investment banking and capital markets business, its transaction management service provider and its transfer agency business, as well as for general corporate purposes.
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