Metros Development, which purchases and resells underdeveloped properties in Japan, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Tokyo, Japan-based company now plans to raise $9 million by offering 1 million shares at a price range of $8 to $9. The company had previously filed to offer 1.9 million shares at the same range. At the midpoint, Metros Development will raise 47% less in proceeds than previously anticipated. The IPO float is just 2.0% of basic shares outstanding.
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.
Metros Development 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 under the symbol MTRS. Boustead Securities and EF Hutton are the joint bookrunners on the deal.
