WASHINGTON (dpa-AFX) - LogProstyle Inc., a Japanese company that operates a wide range of businesses, including real estate development, hotel management, and restaurant management, announced the pricing of its initial public offering of 2 million Japanese common shares at US$5.00 per share.
The Japanese common shares are expected to begin trading on the NYSE American on March 25, 2025, under the ticker symbol 'LGPS'.
The company expects gross proceeds of the offering before deducting underwriting discounts and other offering expenses to be US$10 million.
The offering is expected to close on March 26, 2025, subject to customary closing conditions.
In addition, LogProstyle has granted the underwriters a 45-day option to purchase up to an additional 300,000 Japanese common shares at the initial offering price, less underwriting discounts to cover over-allotments, if any.
LogProstyle plans to use the net proceeds from the offering for the development and expansion of ProstyleRyokan's business operation in Japan by developing and managing additional Machinaka Ryokans, a particular type of hotel located in a central urban area featuring traditional Japanese architecture and decor elements.
Net proceeds will also be allocated to the formation of joint ventures with local companies for the development of Machinaka Ryokans in the United States and the United Arab Emirates.
Additionally, the company plans to use a portion of the net proceeds for the development and expansion of its real estate renovation and resale businesses in Japan, other Asian countries, and the United States.
Spartan Capital Securities, LLC is acting as the lead book-running representative for the offering and may retain other brokers or dealers to act as sub-agents on its behalf in connection with the offering.
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