GATES GROUP, which purchases and resells condominiums and solar power generation facilities in Japan, lowered the proposed deal size for its upcoming IPO on Thursday. In its latest filing, the company also replaced sole bookrunner Loop Capital Markets with Spartan Capital Securities.
The Tokyo, Japan-based company now plans to raise $6 million by offering 1 million shares at a price range of $5.50 to $6.50. The company had previously filed to offer 2.5 million shares at the same range. At the midpoint, GATES GROUP will raise 60% less in proceeds than previously anticipated. The IPO float is just 3.8% of basic shares outstanding.
GATES GROUP is a Japanese real estate company focused on the purchase and resale of, and provision of services to condominiums and solar power generation facilities. Its primary customers are real estate sales companies, as well as individual investors.
GATES GROUP was founded in 2011 and booked $127 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol GTSG. Spartan Capital Securities is the sole bookrunner on the deal.