Grove, which makes and sells CBD products, announced terms for its IPO on Friday.
The Henderson, NV-based company plans to raise $11 million by offering 2.2 million shares at a price range of $4.50 to $5.50. At the midpoint of the proposed range, Grove would command a fully diluted market value of $79 million.
Grove develops, produces, markets, and sells raw materials, white label products, and end consumer products containing the industrial hemp plant extract, Cannabidiol (CBD). The company primarily conducts business through its wholly-owned subsidiaries, including Steam Distribution, One Hit Wonder, and Havz.
Grove was founded in 2018 and booked $16 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol GRVI. Kingswood Capital Markets is the sole bookrunner on the deal.
