Apollo Commercial Real Estate Finance, an Apollo Global Management-backed REIT planning to invest in commercial real estate securities and corporate debt, announced terms for its IPO on Wednesday. The newly-organized company plans to raise $400 million by offering 20 million shares at $20.00, which implies a market value of $431 million. Apollo Commercial Real Estate Finance plans to list on the NYSE under the symbol ARI. J.P. Morgan, Citi, and Barclays Capital are the lead underwriters on the deal, which is expected to price during the week of Sept. 21.
