urban-gro, which provides equipment and services for the commercial indoor horticulture market, raised $54 million by offering 5.4 million shares at $10 in its Nasdaq uplisting. At pricing, it commands a diluted market cap of about $103 million.
The company originally filed to raise $20 million in January, before upping the deal size to $25 million and then $45 million; it further upsizing the deal at pricing. urban-gro sold shares roughly in line with its stock price on the OTC in mid-January, but well below its last close of $47, following a spike last week.
Much larger peer Hydrofarm Holdings (HYFM), also a "picks and shovels" play on the cannabis market, went public in December and popped 160% on its first day; it closed Thursday with a 302% return from offer.
urban-gro plans to list on the Nasdaq under the symbol UGRO. ThinkEquity acted as lead manager on the deal.
