Indoor Farming Services Provider Agrify Increases Deal Size 80% Before $ 45 Million IPO


Agrify, which provides turnkey indoor farming solutions, on Tuesday increased the size of the proposed deal for its next IPO.

The Burlington, MA-based company now plans to raise $ 45 million by offering 5 million shares in a price range of $ 8 to $ 10. The company had previously filed to offer 2.8 million shares in the same lineup. Halfway through, Agrify will raise 80% more revenue than expected.

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 Increases Deal Size 80% Before $ 45 Million IPO originally appeared on the 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 Renaissance IPO ETF (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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