MDJM, an integrated real estate services company in China, announced terms for its IPO on Friday. The company now plans to offer shares on a min-max, best-efforts basis, and is therefore no longer tracked as an IPO by Renaissance Capital.
The Tianjin, China-based company plans to raise $5-$8 million by offering a minimum of 1.2 million shares and a maximum of 1.6 million shares at a price of $5. At that price and assuming the max offering, MDJM would command a market value of $60 million.
MDJM was founded in 2002 and booked $1 million in revenue for the 12 months ended December 31, 2017. It plans to list on the Nasdaq under the symbol MDJH. Network 1 Financial Securities is the sole bookrunner on the deal.
