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Gladstone Land Corporation (NASDAQ: LAND) priced its initial public offering of 3,333,334 shares of common stock at a price to the public of $15.00 per share, in-line with the expected pricing. Shares are expected to begin trading today on The NASDAQ Global Market under the ticker symbol “LAND.”
Janney Montgomery Scott LLC is acting as sole book runner for the initial public offering. JMP Securities LLC is acting as co-lead manager, and J.J.B. Hilliard, W.L. Lyons, LLC, Ladenburg Thalmann & Co. Inc., Maxim Group LLC, National Securities Corporation, Sidoti & Company, LLC, Dominick & Dominick LLC, Boenning & Scattergood, Inc. and Southwest Securities, Inc. are acting as co-managers for the initial public offering.
Gladstone Land Corporation is an externally-managed real estate company formed to invest in farmland located in major agricultural markets throughout the United States. It invests in farmland predominantly concentrated in locations where tenants are able to grow annual row crops such as berries, lettuce and melons, among others, which are planted and harvested annually or more frequently. It also acquires property related to farming, such as storage facilities utilized for cooling crops, processing plants, packaging buildings and distribution centers. It currently owns twelve farms, leased to six separate corporate and independent farmer tenants, in California and Florida.
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