Tower One Wireless, which owns and operates mobile network towers in the Americas, filed on Tuesday with the SEC to raise up to $14 million in an initial public offering.
The company's shares are currently listed on the Canadian Securities Exchange under the symbol "TO", the OTCQB under the symbol "TOWTF," and the Frankfurt Stock Exchange under the symbol "1P3N", with a market cap of approximately $6 million.
If the company's market cap is less than $50 million at pricing, Tower One will be excluded from Renaissance Capital's IPO stats.
Tower One describes itself as a "pure-play" owner and operator of multitenant communications real estate, which it primarily leases to mobile network operators. The company currently operates towers in Ecuador, Colombia, and Mexico, and as of December 31, 2021, it had 12 lease agreements with tenants in these three countries. Additionally, Tower One provides tower-related services in Latin America, and also has operations in the United States.
The Bogota, Colombia-based company was founded in 2015 and booked $11 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol TO. Maxim Group LLC is the sole bookrunner on the deal. No pricing terms were disclosed.
