Vranos’s subprime focused Ellington Financial raises $100 million through IPO

October 11th, 2010
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Mortgage-backed bond fund Ellington Financial LLC recently raised $101 million in an initial public offering, selling 4.5 million shares at $22.50 a share. The fund’s first IPO attempt, which sought $208 million and offered shares at $27 each, was canceled ten months ago by CEO Michael Vranos. According to Bloomberg, before the second IPO, Ellington Financial had investors lined up for at least half the shares.

The majority of the proceeds from the Ellington Financial’s IPO will purchase securities linked to unguaranteed home loans, including the subprime loans made infamous by the recent housing bust.
For Detailed Investor Profiles on these Investors, click below:
Ellington Management Group LLC
Related People: Michael Vranos
Related Entities: Ellington Credit; Ellington Emerging Markets; Ellington Financial; Ellington Mortgage Partners; New Ellington Partners
Related Article Tags: Investment Management, Fund Manager and General Financial News; Hedge Fund Launches and Hedge Fund Closings

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