porcorex
Real estate group La Rosa Holdings (LRHC) has downsized its proposed initial public offering to $5M from $7M.
The Florida-based holding company said it is now looking to offer 1M shares priced at $5 per share. Underwriters would be granted a 45-day option to buy up to 150K additional shares at the IPO price to cover over-allotments, according to the filing.
Spartan Capital Securities is serving as sole bookrunner. La Rosa hopes to list its shares on Nasdaq under the symbol LRHC.
La Rosa serves as a holding company for five real estate firms. The group, which operates primarily in the US, provides both residential and commercial brokerage services.
La Rosa has been operating in the red. For 2022, La Rosa reported a net loss of $2.3M on revenue of $26.2M.
In April, La Rosa said that it was aiming to offer 1.4M shares priced at $5 per share, which would have raised around $7M.
More on real estate IPOs:
Singapore proptech Simpple downsizes proposed IPO to $7M
Singapore proptech Ohmyhome stock climbs 4% following $11M US IPO
Japan’s Syla Technologies stock falls 15% following $15M US IPO
