CorpHousing Group, which provides short-term rentals for travelers in major US cities, filed on Wednesday with the SEC to raise up to $30 million in an initial public offering.
The Miami, FL-based company plans to raise $30 million by offering 4.3 million units at a price range of $6 to $8. Each unit consists of one share of common stock and one-half of one warrant exercisable at 115% of the offer price. At the midpoint of the proposed range, CorpHousing Group would command a market value of $653 million.
Because CorpHousing Group filed to offer units, it will not be included in our 2022 IPO stats and screens.
CorpHousing identifies, acquires, furnishes, manages and markets individual and multi-family units to business and vacation travelers, under its consumer brand, SoBeNY. CorpHousing operates 490 accommodation units in nine cities in the US; the buildings for which it holds leases typically consist of 3 and 4 star hotel properties, residential apartment units, and apartment buildings zoned for commercial use. It expects to add 688 units under lease by March 31, 2022, with plans to operate at least 3,600 units in 12 cities by the end of 2022. It also plans to launch international operations in 2022, starting with London or Paris.
The Miami, FL-based company was founded in 2017 and booked $16 million in revenue for the 12 months ended September 30, 2021. It plans to list on the NYSE under the symbol CHG. CorpHousing Group filed confidentially on December 6, 2021. Maxim Group LLC is the sole bookrunner on the deal. IPO timing has not been set.
