Tokyo, Japan, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Lead Real Estate Co., Ltd ((the "Company, NASDAQ:LRE), a Japanese real estate developer of luxury residential properties, including single-family homes and condominiums, across Tokyo and Kanagawa prefecture, announced today the closing of its previously announced initial public offering (the "Offering") of 1,143,000 American Depositary Shares ("ADSs") at a price of $7.00 per ADS to the public for a total of $8,001,000 of gross proceeds to the Company, before deducting underwriting discounts and offering expenses. Each ADS represents one ordinary share of the Company. The Company has granted a 45-day option to the underwriters to purchase up to 171,450 additional ADSs, representing 15% of the ADSs sold in this Offering, solely to cover over-allotments, if any, less the underwriting discount. The ADSs began trading on the Nasdaq Global Market on September 27, 2023 under the symbol "LRE."
EF Hutton, division of Benchmark Investments, LLC, and Boustead Securities, LLC acted as the joint book-running managers for the Offering. Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Company, and Loeb & Loeb LLP acted as U.S. counsel to the joint book-running managers in connection with the Offering.
A registration statement on Form F-1, as amended (File No. 333-266762) relating to the Offering was filed with the U.S. Securities and Exchange Commission (the "SEC") and was declared effective on September 26, ...