Correlate Energy, which provides tech-enabled services for efficiency upgrades to commercial real estate, announced terms for its IPO on Friday. The company is currently listed on the OTC under the symbol "CIPI."
The Boise, ID-based company plans to raise $7 million by offering 1.2 million units at a price range of $5 to $7. Each unit consists of one share of common stock and one warrant, exercisable at the IPO price. At the midpoint of the proposed range, Correlate Energy would command a fully diluted market value of $61 million.
Because the company plans to offer units with warrants attached, Correlate Energy will be excluded from Renaissance Capital's 2024 IPO stats.
Correlate Energy provides property owners and REITs with access to energy experts and solutions via a software-driven process, with end-to-end engineering, finance, project management, and fulfillment services for all major facility energy improvements. The company manages client opportunities with experts, solutions, and execution resources across the client's entire portfolio.
Correlate Energy was founded in 2016 and booked $8 million in revenue for the 12 months ended December 31, 2023. It plans to list on the NYSE under the symbol CIPI. Aegis Capital Corp. is the sole bookrunner on the deal.
