Indoor farming services provider Agrify sets terms for $ 25 million IPO

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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.

Disclosure of investments: The information and opinions expressed in this document have been prepared by Renaissance Capital research analysts and do not constitute an offer to buy or sell any securities. Renaissance capital ETF Renaissance IPO (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of the 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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