Janover, which operates an online B2B commercial real estate lending platform, lowered the proposed deal size for its upcoming IPO on Tuesday. In its latest filing, the company also disclosed financials for the nine months ended September 30, 2022, and added Craft Capital Management as an underwriter.
The Boca Raton, FL-based company now plans to raise $12 million by offering 2.4 million shares at a price range of $4 to $6. The company had previously filed to offer 2.7 million shares at a range of $5 to $7. At the midpoint of the revised range, Janover will raise -28% less in proceeds than previously anticipated.
Janover describes itself as a B2B fintech marketplace connecting commercial property lenders and borrowers looking to refinance, build, or purchase commercial property. Borrowers on the platform include owners, operators, and developers of commercial real estate, as well as small business owners. Lenders on the platform include small banks, credit unions, REITs, Fannie Mae and Freddie Mac, FHA multifamily lenders, debt funds, CMBS lenders, and SBA lenders. Janover earns transaction fees when loans close through its platform, and the current average fee earned per transaction is roughly 1% of the loan amount. The company does not make loans or share risks.
Janover was founded in 2018 and booked $3 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol JNRV. EF Hutton and Craft Capital Management are the joint bookrunners on the deal.
