Alpha Investment, a mortgage lender backed by Omega Commercial Finance, raised the proposed deal size for its upcoming IPO on Monday. Alpha Investment is currently quoted on the OTC Pink (ALPC) but is not trading.
The Columbus, OH-based company now plans to raise $10 million by offering 2 million shares at $5. The company had previously filed to offer 1 million shares at the same price. At the revised deal size, Alpha Investment will raise 100% more in proceeds than previously anticipated and command a market value of $59 million (+34% vs. original terms).
Alpha Investment intends to provide capital directly to borrowers seeking financing for commercial real estate properties either for refinancing or acquisitions. The loans will encompass originating performing commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt. Alpha Investment was acquired by Omega Commercial Finance in 2017 and is led by Omega's CEO Todd Buxton.
Alpha Investment was founded in 2013 and plans to list on the Nasdaq under the symbol ALPC. Boustead Securities is the sole bookrunner on the deal.
