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Investing.com -- Yesterday, Japanese firm LogProstyle Inc. disclosed the pricing of its initial public offering (IPO) at $5.00 per Japanese common share. However, the stock, trading under the ticker symbol (NYSE:LGPS), opened today at a slightly lower price of $4.80 per share, marking a $0.20 drop from the IPO price.
LogProstyle Inc. encompasses a variety of sectors, including real estate development, hotel management, and restaurant management. The company’s IPO involved the issuance of 2,000,000 Japanese common shares.
The gross proceeds from the IPO, prior to the deduction of underwriting discounts and other related expenses, are anticipated to reach $10 million. LogProstyle also granted the underwriters an option, valid for 45 days, to buy up to an additional 300,000 Japanese common shares at the initial offering price, less the underwriting discounts. This option is intended to cover any over-allotments that may occur.
Spartan Capital Securities, LLC is serving as the lead book-running representative for the offering. The company may also engage other brokers or dealers to act as sub-agents on its behalf during the offering.
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