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Japanese property developer Lead Real Estate lowers price range ahead of $16 million US IPO

January 4, 2023

Lead Real Estate, a luxury residential property developer in Japan, lowered the proposed range for its upcoming IPO on Wednesday.

The Tokyo, Japan-based company now plans to raise $16 million by offering 2 million ADSs at a price range of $7 to $9. The company had previously filed to offer the same number of ADSs at a range of $12 to $15. At the midpoint of the revised range, Lead Real Estate will raise -41% less in proceeds than previously anticipated and command a market value of $116 million.

Lead Real Estate is a developer of luxury residential properties, including single-family homes and condominiums, across Tokyo and Kanagawa prefecture. It also operates hotels in Tokyo and leases apartment building units to individual customers in Japan and Dallas, Texas. The company primarily generates revenue from developing and selling single-family homes and condominiums, and has delivered more than 1,000 single-family homes and 25 condominiums since inception.

Lead Real Estate was founded in 2001 and booked $110 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol LRE. Network 1 Financial Securities is the sole bookrunner on the deal.