Hydrofarm Holdings Group, which sells hydroponics and specialty indoor gardening supplies, raised the proposed deal size for its upcoming IPO on Wednesday.
The Petaluma, CA-based company now plans to raise $152 million by offering 8.7 million shares at a price range of $17 to $18. Insiders intend to purchase $30 million worth of shares in the offering. The company had previously filed to offer the same number of shares at a range of $14 to $16. At the midpoint of the revised range, Hydrofarm Holdings Group will raise 17% more in proceeds than previously anticipated.
Hydrofarm Holdings Group was founded in 1977 and booked $309 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol HYFM. J.P. Morgan, Stifel, Deutsche Bank, Truist Securities and William Blair are the joint bookrunners on the deal. It is expected to price during the week of December 7, 2020.
