La Rosa Holdings, a Florida-based residential real estate brokerage franchise, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed financials for the three months ended March 31, 2023.
The Celebration, FL-based company now plans to raise $5 million by offering 1 million shares at $5. The company has revised its terms several twice before since setting terms in April 2022, most recently filing to offer 1.4 million shares at $5. At the proposed price, La Rosa Holdings will raise 29% less in proceeds than previously anticipated.
If the company raises less than $5 million, La Rosa Holdings will be excluded from Renaissance Capital's 2023 IPO stats.
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 24 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 March 31, 2023. It plans to list on the Nasdaq under the symbol LRHC. Spartan Capital Securities is the sole bookrunner on the deal.
