PENNthouses for rent: ETRE Residential LLC sets terms for $33 million IPO

ETRE Residential LLC, a REIT formed to own an interest in a residential rental property in Philadelphia, PA, announced terms for its IPO on Friday.

The New York, NY-based company plans to raise $33.75 million by offering 3.3 million shares at a price of $10 per share. At that price, ETRE Residential LLC would command a fully diluted market value of $33.84 million.

With a market cap of under $50 million, Renaissance Capital will not include ETRE Residential in our IPO stats.

ETRE Residential LLC, which was founded in 2015 and booked $4 million in revenue for the fiscal year ended December 31, 2014, plans to list on the Nasdaq under the symbol EPNT. Joseph Gunnar & Co. is the sole bookrunner on the deal. No IPO date was disclosed.