Opti-Harvest, which makes sunlight optimization equipment for plant growing, announced terms for its IPO on Friday. The company originally filed in August 2022 but was ineligible for tracking because it planned to offer warrants.
The Los Angeles, CA-based company plans to raise $8 million by offering 2 million shares at $4. At the proposed price, Opti-Harvest would command a fully diluted market value of $110 million.
Opti-Harvest provides agriculture equipment and technology that enable commercial growers and home gardeners to better utilize sunlight. Its Opti-Filter products are designed to optimize land and water resources by utilizing sunlight in novel ways to accelerate growth in newly planted crops (Opti-Gro, Opti-Shield, ChromaGro) and improve production in mature vineyards and orchards (Opti-Skylights, Opti-Panels). The Opti-Filter family of products is complimented by its precision farming platform Opti-View. The company began commercializing its Opti-Gro and ChromaGro products in the 1H21, its Opti-Shield and Opti-Panel in the 1H22, and plans to commercialize its Opti-Skylight products in 1H23. Its Opti-View product is currently in the R&D phase, with an anticipated commercial offering in the 2H23.
Opti-Harvest was founded in 2016 and plans to list on the Nasdaq under the symbol OPHV. WestPark Capital is the sole bookrunner on the deal.
