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Single-building REIT, ETRE Residential LLC withdraws $33 million IPO

May 19, 2016

ETRE Residential LLC, a REIT formed to own an interest in a residential rental property in Philadelphia, PA, withdrew its plans for an initial public offering on Thursday due to market conditions. It had filed in October 2015 to raise $33 million by offering 3.3 million shares at a price of $10. With a proposed market cap of less than $50 million, the deal is not included in our IPO stats.

The New York, NY-based company was formed in 2015 and booked $4 million in revenue for the 12 months ended December 31, 2014. It had planned to list on the Nasdaq under the symbol EPNT. Joseph Gunnar & Co. was set to be the sole bookrunner on the deal.