La Rosa Holdings, a Florida-based residential real estate brokerage franchise, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Celebration, FL-based company now plans to raise $7 million by offering 0.7 million units at a price range of $9 to $11. The company had previously filed to offer 1.5 million units at the same range. Each unit still consists of one share of common stock and one warrant, exercisable at 110% of the IPO price. At the revised deal size, La Rosa Holdings will raise -53% less in proceeds than previously anticipated and command a market value of $43 million (-4% vs. original terms).
Because the company is offering units with warrants attached, La Rosa Holdings will be excluded from Renaissance Capital's 2022 IPO stats.
La Rosa is the holding company for five agent-centric, cloud-based, multi-service real estate companies. Its real estate brokerage business operates primarily under the trade name La Rosa Realty, though it also licenses the trade name Better Homes Realty. The company has five La Rosa Realty corporate real estate brokerage offices located in Florida, 28 franchised offices across six states in the US and Puerto Rico, and an international franchised office in Peru.
La Rosa Holdings was founded in 2004 and booked $29 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol LRHC. Maxim Group LLC is the sole bookrunner on the deal.
