Ellington Financial LLC, a company set up in 2007 by Ellington Management Group LLC to invest in residential mortgage assets, disclosed estimated terms of its planned initial public offering Tuesday.
At least 7.7 million shares of Ellington Financial would be sold for $25 to $27 each, with the company selling a minimum of 6.6 million. The rest would be sold by current holders. There are expected to be nearly 20 million shares outstanding after the IPO.
Ellington Management, of Old Greenwich, Conn., was founded in 1994 by Michael Vranos, former head of MBS trading at Kidder Peabody. Ellington Financial filed in July to sell up to $200 million of stock.