F5 Finishes, a roll-up of commercial flooring providers, lowered the proposed deal size for its upcoming IPO on Friday.
The Livermore, CA-based company now plans to raise $20 million by offering 4 million shares at a price of $5. The company had previously filed to offer 5 million shares at a range of $7 to $8. At the proposed price, F5 Finishes will raise -47% less in proceeds than previously anticipated and have a market cap of $47 million; if the company goes public at a market cap of $50 million or less it will not be included in Renaissance Capital's IPO stats.
F5 Finishes was founded in 2007 and booked $116 million in sales for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol FLRZ. Maxim Group LLC and Zelman Partners LLC are the joint bookrunners on the deal
