reAlpha Tech, which operates short-term rental properties and a related investment platform, completed its direct listing on the Nasdaq and begins trading today, October 23, 2023, according to a press release issued this morning. It plans to list under the symbol AIRE.
The Dublin, OH-based company's shares opened for trading at $23.01 per share, more than double the $10 price paid for its shares in its January 2023 Regulation A offering.
The Registered Stockholders, which include all major shareholders and management, had registered 4.2 million shares of common stock.
reAlpha Tech's business model is built around providing retail investors with the opportunity to invest in reAlpha-owned short-term rental properties, pursuant to exempt offerings directed at those retail investors through syndications. The company plans to acquire properties that satisfy its internal investment criteria and renovate, prepare them for rent, list them on short-term rental sites, and arrange management, internally or through third-parties. reAlpha's portfolio currently consists of five properties primarily in Florida, and to date, the company has started its first syndication of one of its Orlando properties.
There are no underwriters on the deal; instead, Maxim served as financial advisor.
