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Apollo Residential Mortgage (AMTG) |
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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
Apollo Residential Mortgage (NYSE:AMTG) is a Real Estate Investment Trust (REIT) which focuses on residential mortgages in America. The company was formed at the time of its Initial Public Offering and did not previously have any assets nor generate any revenue. THe managers of the company have all worked previously in the mortgage market. They expect that the level of government-backed mortgages will drop over time. Apollo hopes to invest primarily in non-government, or non-Agency mortgages in the medium and long run.[1]
Business Overview
At the time of the company's IPO, it had not generated any revenue. This is because the company was formed and immediately went public in order to raise money to invest in its real estate.[2]
New Updates
The company's initial public offering of stock on the NYSE occurred on July 21, 2011. The company offered 10M shares each for $20. This was as expected. The deal raised a total of $200M. The lead underwriters were Morgan Stanley (MS), Credit Suisse Group (CS), and J P Morgan Chase (JPM).[3]
Trends & Forces
No Legacy Portfolio
Because Apollo Residential was formed just before going public, the company has no exisiting portfolio. Apollo believes that this will give it a significant advantage as it does not have mortgages leftover from the housing crisis which may either delinquent or in danger. Instead, the company will have the opportunity to build its portfolio post-crisis which may allow it to outperform.[4]
- ↑ AMTG S-11/A 2011 PROSPECTUS SUMMARY "Our Company" pg2
- ↑ AMTG S-11/A 2011 PROSPECTUS SUMMARY "" pg
- ↑ Renaissance Capital - IPO Home "Apollo Residential prices 10 million share IPO at $20, as expected" 21 July 2011
- ↑ AMTG S-11/A 2011 PROSPECTUS SUMMARY "No Legacy Portfolio" pg 6
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