Lead Real Estate, a luxury residential property developer in Japan, lowered the proposed deal size for its upcoming IPO on Friday.
The Tokyo, Japan-based company now plans to raise $9 million by offering 1.1 million ADSs at a price range of $7 to $9. The company had most recently filed to offer 2 million ADSs at the same range. At the midpoint, Lead Real Estate will raise 43% less in proceeds than previously anticipated.
Lead Real Estate is a developer of luxury residential properties, including single-family homes and condominiums, across Tokyo and Kanagawa prefecture. It also operates hotels in Tokyo and leases apartment building units to individual customers in Japan and Dallas, Texas. The company primarily generates revenue from developing and selling single-family homes and condominiums, and has delivered more than 1,000 single-family homes and 25 condominiums since inception.
Lead Real Estate was founded in 2001 and booked $110 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol LRE. Network 1 Financial Securities is the sole bookrunner on the deal. It is expected to price during the week of January 30, 2022.
