Provident Mortgage Capital Associates is planning to raise about $300 million in an initial public offering (IPO), The Wall Street Journal reports. The specialty finance company will use the proceeds from the offering to acquire an initial portfolio consisting primarily of shorter-duration agency residential mortgage-backed securities and jumbo loans. Provident is seeking to list its common shares on the New York Stock Exchange. The lead underwriters of the IPO are UBS Investment Bank, Credit Suisse and Deutsche Bank Securities, adds Reuters.
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