Harbor Custom Development, a real estate developer in the Puget Sound region of Washington, announced terms for its IPO on Monday.
The Gig Harbor, WA-based company plans to raise $15 million by offering 2.1 million shares at a price range of $6 to $8. At the midpoint of the proposed range, Harbor Custom Development would command a fully diluted market value of $42 million. Because its market cap is less than $50 million, Harbor Custom Development no longer qualifies for RC tracking and will be excluded from our stats.
Harbor Custom Development acquires land to develop property for the construction and sale of residential lots, home communities, and multi-family properties. It currently owns and controls five Western Washington residential communities containing over 350 lots in various stages of development.
Harbor Custom Development was founded in 2014 and booked $37 million in sales for the 12 months ended March 31, 2020. It plans to list on the NYSE American under the symbol HCDI. ThinkEquity is the sole bookrunner on the deal.
