Agrify, which provides turnkey indoor farming solutions, raised the proposed deal size for its upcoming IPO on Tuesday.
The Burlington, MA-based company now plans to raise $45 million by offering 5 million shares at a price range of $8 to $10. The company had previously filed to offer 2.8 million shares at the same range. At the midpoint, Agrify will raise 80% more in proceeds than previously anticipated.
The company claims to differentiate itself with a bundled solution of equipment, software, and services that is turnkey, end-to-end, fully integrated and optimized for precision growing. Revenue mainly comes from core hardware product, the Agrify Vertical Farming Unit, as well as facility build-outs. Agrify provides products to a variety of agricultural segments, citing cannabis as a key market opportunity.
Agrify was founded in 2016 and booked $9 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol AGFY. Maxim Group LLC and Roth Capital are the joint bookrunners on the deal.
