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Short-term rental provider, CorpHousing Group ( NYSE: CHG ) has priced its downsized initial public offering of 3.375M shares of its common stock at $4.00 per share, for gross proceeds of approximately $13.5M.
- Underwriters' over-allotment is an additional 506,250 shares of common stock.
- The shares are expected to begin trading on Nasdaq on August 12, 2022, under the symbol “CHG”.
- The offering is expected to close on August 16.
- In April, the company announced to offer 2M units at a range of $8 to $10, with each unit containing one share of common stock and one warrant, exercisable at 105% of the IPO price.
- But in July, revised the plan to raise $20M by offering 4.5M shares at a price range of $4 to $5.
- Founded in 2017, CorpHousing identifies, acquires, furnishes, manages and markets individual and multi-family units to business and vacation travelers, under its consumer brand, SoBeNY. CorpHousing operates 619 accommodation units in seven cities in the US; the buildings for which it holds leases typically consist of 3 and 4 star hotel properties, residential apartment units, and apartment buildings zoned for commercial use. It expects to add 1,512 units under lease by September 30, 2022, with plans to operate at between 2,500 and 3,000 units in 12 cities by the end of 2022. It also plans to launch international operations in 2022, starting with London or Paris.
- The company booked $27M in revenue for the 12 months ended March 31, 2022.
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CorpHousing Group prices $13.5M IPO, debuts today