Harbor Custom Development, a real estate developer in the Puget Sound region of Washington, added insider selling and raised the proposed deal size for its upcoming IPO on Thursday.
The Gig Harbor, WA-based company now plans to raise $16 million by offering 2.3 million shares (77% primary) at a price range of $6 to $8. The company had previously filed to offer 2.1 million shares (100% primary) at the same range. At the midpoint, Harbor Custom Development would command a fully diluted market value of $39 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.
Primary shareholders include CEO and Chairman Sterling Griffin (51% post-IPO stake), investor Laurence Elvins (10%) and CFO and Director Richard Schmidtke (2%).
Harbor Custom Development was founded in 2014 And booked $38 million in sales for the 12 months ended June 30, 2020. It plans to list on the NYSE American under the symbol HCDI. ThinkEquity is the sole bookrunner on the deal
