Farmland Partners Launches IPO

(RTTNews) - Farmland Partners Inc. said Monday that it has commenced an initial public offering of 4,666,667 shares of its common stock.

The company expects to grant the underwriters a 30-day option to purchase up to an additional 700,000 shares of common stock to cover any over-allotments.

The initial public offering price is currently expected to be between $14.00 and $16.00 per share.

The company said it plans to use the net proceeds from the offering to repay certain outstanding indebtedness and for general corporate purposes, including working capital, future farmland acquisitions and, potentially, paying distributions.

The company's common stock has been approved for listing on the New York Stock Exchange under the symbol "FPI."