Janover, which operates an online B2B commercial real estate lending platform, raised $6 million by offering 1.4 million shares at $4, as expected. The company offered 0.2 million more shares than anticipated.
At pricing, Janover has a market cap of less than $50 million, so the company will be excluded from Renaissance Capital's 2023 IPO stats.
Janover describes itself as a B2B fintech marketplace connecting commercial property lenders (small banks, credit unions, Fannie Mae and Freddie Mac, among others) and borrowers (owners, operators, and developers of commercial real estate) looking to refinance, build, or purchase commercial property. Janover earns transaction fees when loans close through its platform, and the current average fee earned per transaction is roughly 1% of the loan amount. The company does not make loans or share risks.
Janover plans to list on the Nasdaq under the symbol JNVR. Spartan Capital Securities and R.F. Lafferty & Co. acted as joint bookrunners on the deal.
