RVeloCITY, an online platform for peer-to-peer RV rentals, raised the proposed deal size for its upcoming IPO on Monday.
The Phoenix, AZ-based company now plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. The company had previously filed to offer 3.3 million shares at the same range. At the midpoint, RVeloCITY will raise 13% more in proceeds than previously anticipated.
Doing business as RVnGO, the company provides an online peer-to-peer marketplace for recreational vehicle (RV) rentals. The company currently generates revenues from its 'protection plan,' processing fees paid by guests, and optional 24/7 roadside assistance services. In the three months ended February 28, 2023, RVnGO facilitated rental transactions for 993 Nights Booked.
RVeloCITY (RVnGO) was founded in 2015 and plans to list on the Nasdaq under the symbol RVGO. Boustead Securities and Sutter Securities are the joint bookrunners on the deal.
