Apollo Residential Mortgage, (AMTG) IPO Trades Lower

July 22, 2011 9:55 AM EDT
The IPO for Apollo Residential Mortgage, Inc. (NYSE: AMTG) is open for trading. Shares are trading $18.90 after pricing 10,000,000 shares at $20.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as joint book runners of the public offering.

The Company is a newly organized residential real estate finance company that has been formed primarily to invest in, finance and manage mortgage-backed securities, residential mortgage loans and other residential mortgage assets in the United States. The Company is externally managed and advised by ARM Manager, LLC, a Delaware limited liability company, an indirect subsidiary of Apollo Global Management, LLC (NYSE: APO).

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