Gladstone Land could raise $57.5 million through its IPO of stock

Proceeds slated for purchase of farms and farm-related properties

By Toni Weeks

San Diego, Sept. 18 - Gladstone Land Corp. plans to conduct an up to $57.5 million initial public offering of common stock, according to an S-11 filed with the Securities and Exchange Commission. The deal will have a greenshoe.

Janney Montgomery Scott LLC is the underwriter.

The company intends to list its shares on the Nasdaq under the symbol "LAND."

Proceeds will be used to purchase farms and farm-related properties, for lease payments, to make loans secured by agricultural real estate and for payments to the company's adviser and administrator.

The agricultural real estate company is based in McLean, Va. It intends to operate as a real estate investment trust beginning in 2013 or 2014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.