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Real estate developer Harbor Custom Development prices downsized IPO at $6 low end

August 28, 2020

Harbor Custom Development, a real estate developer in the Puget Sound region of Washington, raised $10.6 million by offering 1.77 million primary shares at $6, the low end of the range of $6 to $8. The company removed the 0.5 million secondary shares it last filed as part of the offering. 

At the offer price, Harbor Custom Development commands a fully diluted market value of about $34 million. Because its IPO market cap is less than $50 million, the company will not be counted in Renaissance Capital's 2020 IPO stats.

Harbor Custom Development acquires land to develop property for the construction and sale of residential lots, home communities, and multi-family properties. It currently owns and controls five Western Washington residential communities containing over 350 lots in various stages of development.

Harbor Custom Development plans to list on the NYSE American under the symbol HCDI. ThinkEquity acted as lead manager on the deal, with Aegis Capital as co-manager.