Janover, which operates an online B2B commercial real estate lending platform, lowered the proposed deal size for its upcoming IPO on Monday. In its latest filing, the company also disclosed financials for the year ended December 31, 2022, and named Spartan Capital Securities as the sole underwriter on the deal.
The Boca Raton, FL-based company now plans to raise $5 million by offering 1.3 million shares at a proposed price of $4. The company had previously filed to offer 2.4 million shares at a range of $4 to $6. It had originally filed to offer 2.7 million shares at a range of $5 to $7. At the revised terms, Janover will raise -58% less in proceeds than previously anticipated and command a fully diluted market value of $40 million (-24% vs. most recent terms).
If the company's post-IPO market cap is less than $50 million, Janover will be excluded from Renaissance Capital's 2023 IPO stats.
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 $2 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol JNVR. Spartan Capital Securities is the sole bookrunner on the deal.
