Generation Income Properties, an internally managed net lease REIT focused on single-tenant commercial properties, raised the proposed price range for its upcoming IPO on Friday.
The Tampa, FL-based company now plans to raise $16 million by offering 1.3 million units at a price range of $12 to $14. The company had previously filed to offer the same amount of units at a range of $11 to $13. Each unit contains one share of common stock and one warrant, exercisable at the offer price. At the midpoint of the revised range, Generation Income Properties will raise 8% more in proceeds than previously anticipated and an enterprise value of $44 million. Because the company is offering units with warrants attached, and its post-IPO market value is less than $50 million, Generation Income Properties no longer qualifies for tracking and will be excluded from Renaissance Capital's stats.
Generation Income Properties was founded in 2015 And booked $4 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol GIPR. Maxim Group LLC is the sole bookrunner on the deal.
