Sierra Income is seeking to raise $1.5 billion in an IPO of its common stock, Reuters reports. The New York-based firm intends to sell nearly 150 million shares at $10 a unit. The sale will not take place until the firm raises at least $2 million within a year. The issue will be offered through the firm’s dealer manager SC Distributors. After raising the planned minimum amount, Sierra will issue 100,000 shares to selected members of its board and to individuals connected with its management firm SIC Advisors.

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