CaliberCos, a middle-market asset manager focused on real estate in the Southwest US, raised $4.8 million by offering 1.2 million shares at $4, below the proposed price of $5. The company offered 0.4 million more shares than anticipated. It originally planned to offer 1.6 million shares at a range of $5 to $6, but had revised the terms several times since filing last September.
Because the company raised 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 plans to list on the Nasdaq under the symbol CWD. Spartan Capital Securities acted as sole bookrunner on the deal.
