Presidio Property Trust, a diversified REIT repositioning its portfolio to focus on office and industrial properties, raised the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also removed Aegis Capital as an underwriter and added Kingswood Capital Markets, Spartan Securities, WestPark Capital, and Brookline Capital Markets.
The San Deigo, CA-based company now plans to raise $15 million by offering 2.5 million shares at a price range of $5 to $7. The company had previously filed to offer 1.3 million shares at the same range. At the midpoint of the range, Presidio Property Trust will raise 100% more in proceeds than previously anticipated and would command a market value of $69 million.
Presidio Property Trust was founded in 1999 and booked $28 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol SQFT. Kingswood Capital Markets, Spartan Securities, and WestPark Capital are the joint bookrunners on the deal.
