NEW YORK (AP) -- RCS Capital has raised $50 million from an initial public offering of 2.5 million shares.
The offering was priced at $20, within the projected range of $19 to $21 per share. But the size of the IPO is less than the approximately 2.8 million shares RCS Capital previously disclosed, according to a regulatory filing.
The recently formed holding company plans to use the offering's net proceeds to expand its business and for general corporate purposes.
The underwriters have an option to buy up to an additional 375,000 shares to cover any excess demand.
RCS Capital said in the filing that the company was created to run and grow businesses including Realty Capital Securities LLC, RCS Capital, RCS Advisory Services LLC and American National Stock Transfer LLC.
Shares of RCS Capital Corp. will start trading on the New York Stock Exchange on Wednesday under the "RCAP" ticker symbol.