MortgageIT Prices IPO

MortgageIT Holdings Inc., a New York-based real estate investment trust, has priced an initial public offering of 14.6 million shares of common stock at $12 per share.The company said the proceeds of the IPO (gross proceeds totaled $175.2 million) will be used to fund and retain in portfolio high-quality single-family and hybrid adjustable-rate mortgage loans, as well as for general corporate purposes. The offering was led by UBS Investment Bank and Merrill Lynch & Co., and the underwriters were granted an option to buy up to 2.19 million additional shares to cover any overallotments. The shares will trade on the New York Stock Exchange under the symbol MHL.