Renaissance Capital logo

Indoor farming services provider Agrify sets terms for $25 million IPO

January 13, 2021

Agrify, which provides turnkey indoor farming solutions, announced terms for its IPO on Wednesday.

The Burlington, MA-based company plans to raise $25 million by offering 2.8 million shares at a price range of $8 to $10. At the midpoint of the proposed range, Agrify would command a fully diluted market value of $115 million.

The company claims to differentiate itself with a bundled solution of equipment, software, and services that is turnkey, end-to-end, fully integrated and optimized for precision growing. Revenue mainly comes from core hardware product, the Agrify Vertical Farming Unit, as well as facility build-outs. Agrify provides products to a variety of agricultural segments, citing cannabis as a key market opportunity.

Agrify was founded in 2016 and booked $9 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol AGFY. Maxim Group LLC and Roth Capital are the joint bookrunners on the deal.