Lorenzo Developments, a toronto-based real estate development and consulting services provider, raised the proposed deal size for its upcoming IPO on Wednesday.
The Toronto, Canada-based company now plans to raise $31 million by offering 6.3 million shares at a price range of $4 to $6. The company had previously filed to offer 2 million shares at a range of $4 to $6. At the midpoint of the revised range, Lorenzo Developments will raise 213% more in proceeds than previously anticipated and command a market cap of $121 million.
The company is engaged in providing real estate-related services, consisting of real estate management and consulting, integrating market research, zoning analysis, and urban planning insights to deliver informed and practical guidance.
Lorenzo Developments was founded in 2016 and plans to list on the Nasdaq under the symbol LCDC. American Trust Investment Services is the sole bookrunner on the deal.
