Agrify, which provides turnkey indoor farming solutions, raised $54 million by offering 5.4 million shares at $10, the high end of the range of $8 to $10. The company offered 0.4 million more shares than anticipated. It originally planned to offer 2.8 million shares before increasing the offering to 5 million shares on Tuesday.
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 plans to list on the Nasdaq under the symbol AGFY. Maxim Group LLC and Roth Capital acted as lead managers on the deal.
