LMP Automotive Holdings, which operates an e-commerce site where users can buy, sell, and rent cars, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Plantation, FL-based company now plans to raise $12 million by offering 2.1 million shares at a price range of $5 to $6 to command a market cap of $45 million. The CEO still intends to purchase $3 million worth of shares in the offering. The company had previously filed to offer 3.2 million shares at the same range to command a market cap of $51 million. At the midpoint of the revised range, LMP Automotive Holdings will raise 35% less in proceeds than previously anticipated.
If the company prices its IPO with a market cap below $50 million, it will not be included in Renaissance Capital's IPO stats.
LMP Automotive Holdings was founded in 2017 and booked $14 million in sales for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol LMPX. ThinkEquity is the sole bookrunner on the deal. It is expected to price on Thursday, November 21, 2019.
