Texas-focused Reven Housing REIT sets terms for IPO that could raise $29 million

Reven Housing REIT, which will own 468 single-family homes in Florida, Texas and Tennessee, announced terms for its IPO on Tuesday.

The La Jolla, CA-based company plans to raise between $2.9 million and $29 million by offering a minimum of 0.5 million shares and a maximum of 5 million shares at a price of $5.75. Reven currently trades on the OTCQB and has a market cap of $63 million. 

The company removed the sole bookrunner from the deal and is now marketing its IPO as a min-max, best efforts offering. 

Reven Housing REIT, which was founded in 2012 and booked $7 million in sales for the 12 months ended December 31, 2014, plans to list on the Nasdaq under the symbol RVEN.