CaliberCos, a middle-market asset manager focused on real estate in the Southwest US, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Scottsdale, AZ-based company now plans to raise $4 million by offering 0.8 million shares at a proposed price of $5. The company had most recently filed to offer 1.2 million shares at the same price. At the midpoint of the revised range, CaliberCos will raise -33% less in proceeds than previously anticipated and command a market value of $103 million. The IPO float represents just 3.9% of shares outstanding.
Because the company plans to raise less than $5 million, CaliberCos will be excluded from Renaissance Capital's 2023 IPO stats.
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.
