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.
Investment Disclosure: Renaissance IPO ETF (symbol: IPO) Renaissance International ETF (symbol: IPOS)
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