F5 Finishes, a roll-up of commercial flooring providers, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Livermore, CA-based company now plans to raise $38 million by offering 5.0 million shares at a price range of $7 to $8. The company had previously filed to offer 4.0 million shares at a range of $9 to $11. At the midpoint of the revised range, F5 Finishes will raise 6% less in proceeds than previously anticipated to command a fully diluted market cap of $71 million.
F5 Finishes was founded in 2007 and booked $116 million in sales for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol FLRZ. Maxim Group LLC and Zelman Partners LLC are the joint bookrunners on the deal.
