Evicted: RiverBanc Multifamily Investors officially withdraws $74 million IPO

RiverBanc Multifamily Investors, a REIT formed to own debt and equity interests in apartment communities, withdrew its plans for an initial public offering on Wednesday. In July 2015, RiverBanc filed terms for a $74 million IPO in which it would offer 3.8 million shares at a price range of $19 to $20 (market cap of $129 million), but it postponed the offering. The company had been backed by New York Mortgage Trust (Nasdaq: NYMT).

The Charlotte, NC-based company was formed in 2013 and booked $7 million in revenue for the 12 months ended December 31, 2014. It had planned to list on the Nasdaq under the symbol RMI. Baird, Keefe Bruyette Woods, SunTrust Robinson Humphrey, Nomura Securities and Oppenheimer & Co. were set to be the joint bookrunners on the deal.