Metros Development, which purchases and resells underdeveloped properties in Japan, filed on Tuesday with the SEC to raise up to $17 million in an initial public offering.
Metros Development is a real estate consulting company that identifies and purchases what it believes to be underdeveloped land and buildings, and resells such properties to real estate developers. The company does not develop, redevelop, or participate in the building or construction of any real properties, and it also does not engage in realtor or related services. Metros had real estate inventories of more than $190 million as of May 31, 2023, including more than 60 material real estate inventories in excess of $1 million.
The Tokyo, Japan-based company was founded in 2013 and booked $489 million in revenue for the 12 months ended May 31, 2023. It plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: MTRO.RC). Metros Development filed confidentially on July 10, 2023. Boustead Securities is the sole bookrunner on the deal. No pricing terms were disclosed.
