CaliberCos, a middle-market asset manager focused on real estate and other alternatives, lowered the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also disclosed financials for the year ended December 31, 2022, and removed Revere Securities as its lead left bookrunner.
The Scottsdale, AZ-based company now plans to raise $6 million by offering 1.2 million shares at $5. The company had most recently filed to offer 1.6 million shares at the same price. At the revised terms, CaliberCos will raise 25% less in proceeds than previously anticipated.
CaliberCos describes itself as a vertically integrated asset management firm which offers middle-market investment funds, private syndications, and direct investments. The company markets its services to private investors, investment advisors, family offices and institutions, and in-house. As of December 31, 2022, Caliber had total fair value AUM of $745 million.
CaliberCos was founded in 2009 and booked $84 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol CWD. Spartan Capital Securities is the sole bookrunner on the deal.
