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Sachem Capital prices IPO at $5 per share

Real estate finance company Sachem Capital Corp. is offering 3 million common shares at an initial public offering price of $5.00 per share.

The company has granted underwriters an option to purchase up to an additional 450,000 common shares to cover any overallotments.

The company intends to apply to list its common shares on the NYSE MKT under the symbol SACH. It initially planned to list on the Nasdaq Capital Market.

Sachem Capital expects to receive net proceeds of approximately $13.0 million, or about $15.1 million if the underwriters fully exercise the overallotment option, after deducting underwriting discounts and commissions and estimated offering expenses.

The company intends to use the proceeds to increase the size of its loan portfolio, for capital expenditures and for working capital and other general corporate purposes.