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Moving and storage services provider Elate Group lowers deal size by 28% ahead of $6 million IPO

April 25, 2023

Elate Group, which provides high-end moving and storage services in the US and Canada, lowered the proposed deal size for its upcoming IPO on Tuesday.

The New York, NY-based company now plans to raise $6 million by offering 1 million shares at a price range of $5 to $7. The company is also offering 1 million pre-funded warrants to purchase shares of common stock. The company had previously filed to offer 1.3 million units at a range of $5.25 to $7.25. At the midpoint of the revised range, Elate Group will raise 28% less in proceeds than previously anticipated.

Because the company is expected to have a post-IPO market cap of less than $50 million, Elate Group will be excluded from Renaissance Capital's 2023 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 December 31, 2022. It plans to list on the Nasdaq under the symbol ELGP. Aegis Capital Corp. is the sole bookrunner on the deal.