Elate Group, which provides high-end moving and storage services in the US and Canada, announced terms for its IPO on Tuesday.
The New York, NY-based company plans to raise $8 million by offering 1.3 million units at a price range of $5.25 to $7.25. Each unit contains one share of common stock and two warrants, exercisable at the IPO price. At the midpoint of the proposed range, Elate Group would command a market cap of $41 million.
Because the company is offering units with warrants attached, and will have a post-IPO market cap of less than $50 million, Elate Group will be excluded from Renaissance Capital's 2022 IPO stats.
Elate Group provides domestic concierge services and international relocation solutions for residential, commercial, and government clients in the US and Canada, with a present focus on seven metro markets along the east coast of the US: Boston, MA; Greenwich, CT; Southampton, NY; Woodcliff Lake, NJ; New York, NY; Philadelphia, PA; and Washington, D.C. Its near-term goals include expanding into additional markets in the western and southern US. Elate currently operates a fleet of 13 trucks, which it plans to grow by 13-15 trucks over the next year.
Elate Group was founded in 2013 and booked $5 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol ELGP. Aegis Capital Corp. is the sole bookrunner on the deal.
