Agrify, which provides turnkey indoor farming solutions, announced the terms of its IPO on Wednesday.
The Burlington, MA-based company plans to raise $ 25 million by offering 2.8 million shares at a price range of $ 8 to $ 10. In the middle of the proposed range, Agrify would have a fully diluted market value of $ 115 million.
The company claims to differentiate itself with a bundled solution of turnkey, end-to-end equipment, software and services, fully integrated and optimized for precision culture. The income comes mainly from the basic material product, the Agrify vertical agricultural unit, as well as from the construction of facilities. Agrify supplies products to a variety of agricultural segments, citing cannabis as a key market opportunity.
Agrify was founded in 2016 and reported sales of $ 9 million for the 12 months ended September 30, 2020. It expects to be listed on Nasdaq under the symbol AGFY. Maxim Group LLC and Roth Capital are the joint bookkeepers of the transaction.
The article Indoor farming services provider Agrify sets terms for $ 25 million IPO originally appeared on the renaissancecapital.com website of IPO investment manager Renaissance Capital.
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