Generation Income Properties, an internally managed net lease REIT focused on single-tenant commercial properties, raised $15 million by offering 1.5 million units at $10, the low end of the range of $10 to $12. Each unit consists of one share of common stock and one warrant, exercisable at $10. The company is currently listed on the OTCQB (GIPR). At pricing, Generation Income Properties commands a fully diluted market value of $25 million.
Because the company offered units with warrants attached, and its market value at IPO is less than $50 million, Generation Income Properties will be excluded from Renaissance Capital's stats.
Generation Income Properties plans to list it shares on the Nasdaq under the symbol GIPR. Maxim Group LLC acted as sole bookrunner on the deal.
