Metros Development, which purchases and resells underdeveloped properties in Japan, filed a new F-1 on Tuesday, in conjunction with a withdrawal request. The company originally filed for a US IPO in September 2023.
Metros Development filed a post-effective amendment earlier this month with revised terms. In the filing, the company also disclosed that it planned to apply for listing on the NYSE American as well as the Nasdaq as previously anticipated, replaced bookrunners Boustead Securities and EF Hutton with Loop Capital Markets, and disclosed financials for the fiscal year ended November 30, 2023.
The Tokyo, Japan-based company plans to raise $15 million by offering 2.5 million shares at a price range of $5.50 to $6.50. It had previously planned to offer 1 million shares at $6.40. At the midpoint, Metros Development will raise 134% more in proceeds than previously anticipated.
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 $187 million as of November 30, 2023, including nearly 60 material real estate inventories in excess of $1 million.
Metros Development was founded in 2013 and booked $478 million in revenue for the 12 months ended November 30, 2023. It plans to list on the Nasdaq under the symbol MTRS. Loop Capital Markets is the sole bookrunner on the deal.
