Specialists aiming to raise $200M in IPO.SL Green Realty Corp's newly formed affiliate, Gramercy Capital Corp., was expected to file a registration statement in connection with its initial public offering to raise up to $200 million. Gramercy Capital Corp. is a specialty finance company focused on originating and acquiring loans and other fixed-income investments secured by commercial and multifamily real estate. SL Green created Gramercy Capital to continue SL Green's structured finance business as a separate public company. The existing fixed-income investment portfolio of SL Green is not being contributed in connection with the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . Gramercy Capital Corp. intends to elect to be taxed as a Real Estate Investment Trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) under the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. and will apply to be listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE NYSE See: New York Stock Exchange ) following the IPO. The public offering will provide Gramercy Capital Corp. with access to capital, a public company platform and the infrastructure to grow SL Green's established structured finance business within New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and into other markets and property types. SL Green will have a significant ownership interest in the business by investing up to $50 million in the initial public offering and will own approximately 25% of the common stock outstanding after the offering. SL Green has established a subsidiary to act as external manager of Gramercy Capital. SL Green will receive substantial additional revenue through the management agreement and its other interests in Gramercy Capital. |
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