LMP Automotive Holdings, which operates an e-commerce site where users can buy, sell, and rent cars, raised $11.5 million by offering 2.3 million shares at $5, the low end of the range of $5 to $6. The company offered additional shares to maintain the $11.5 million deal size on file. Founder, CEO, and Chairman Samer Tawfik had indicated on up to $1.4 million of the IPO
At IPO, LMP Automotive commands a fully diluted market value of $42 million (3x LTM revenue).
LMP Automotive Holdings plans to list on the Nasdaq under the symbol LMPX. ThinkEquity acted as lead manager on the deal, with Benchmark serving as co-manager.
Because LMP's IPO market cap is below $50 million, it will not be included in our 2019 IPO stats.
The article Nano-cap online auto marketplace LMP Automotive prices IPO at $5 low end originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.