La Rosa Holdings, a Florida-based residential real estate brokerage franchise, revised the terms for its upcoming IPO on Wednesday. In its latest filing, the company also disclosed financials for the year ended December 31, 2022, and replaced sole bookrunner Maxim Group with Spartan Capital Securities.
The Celebration, FL-based company now plans to raise $7 million by offering 1.4 million shares at $5. At the revised terms, it would command a market value of $63 million (+47% vs. previous terms). The company most recently updated its IPO terms in August 2022, planning to raise $7 million at a market cap of $43 million.
La Rosa is the holding company for five agent-centric, cloud-based, multi-service real estate companies. Its real estate brokerage business operates primarily under the trade name La Rosa Realty, though it also licenses the trade name Better Homes Realty. The company has five La Rosa Realty corporate real estate brokerage offices located in Florida and 28 franchised offices across five states in the US and Puerto Rico.
La Rosa Holdings was founded in 2004 and booked $26 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol LRHC. Spartan Capital Securities is the sole bookrunner on the deal.
