CorpHousing Group, which provides short-term rentals for travelers in major US cities, lowered the proposed range for its upcoming IPO on Monday.
The Miami, FL-based company now plans to raise $20 million by offering 4.5 million shares at a price range of $4 to $5. The company had most recently filed in April to offer 2 million units at a range of $8 to $10, with each unit containing one share of common stock and one warrant, exercisable at 105% of the IPO price. At the midpoint of the revised range, CorpHousing Group will raise 13% more in proceeds than previously anticipated.
CorpHousing identifies, acquires, furnishes, manages and markets individual and multi-family units to business and vacation travelers, under its consumer brand, SoBeNY. CorpHousing operates 619 accommodation units in seven 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 1,512 units under lease by September 30, 2022, with plans to operate at between 2,500 and 3,000 units in 12 cities by the end of 2022. It also plans to launch international operations in 2022, starting with London or Paris.
CorpHousing Group was founded in 2017 and booked $27 million in revenue for the 12 months ended March 31, 2022. It plans to list on the NYSE under the symbol CHG. Maxim Group LLC and Joseph Gunnar are the joint bookrunners on the deal.
