PennyMac Mortgage Investment Trust, a newly formed REIT that plans to buy and refinance distressed residential mortgages, raised $320 million in its IPO by offering 16 million shares, 20% fewer than the 20 million originally planned, at $20 per share. The company, managed by former executives from Countrywide Financial, is expected to list its stock on the NYSE under the ticker "PMT". Merrill Lynch was the lead manager on the deal.
