Real estate developer Harbor Custom Development prices downsized IPO at $6 low end

Harbor Custom Development, a real estate developer in the Puget Sound region of Washington, raised $10.6 million by offering 1.77 million primary shares at $6, the low end of the range of $6 to $8. The company removed the 0.5 million secondary shares it last filed as part of the offering. 

At the offer price, Harbor Custom Development commands a fully diluted market value of about $34 million. Because its IPO market cap is less than $50 million, the company will not be counted in Renaissance Capital's 2020 IPO stats.

Harbor Custom Development acquires land to develop property for the construction and sale of residential lots, home communities, and multi-family properties. It currently owns and controls five Western Washington residential communities containing over 350 lots in various stages of development.

Harbor Custom Development plans to list on the NYSE American under the symbol HCDI. ThinkEquity acted as lead manager on the deal, with Aegis Capital as co-manager.

The article Real estate developer Harbor Custom Development prices downsized IPO at $6 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.


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