Harbor Custom Development (HCDI) is planning to raise $15 million in an initial public offering on the week of July 20th, IPO Scoop reports. The company plans to issue 2,100,000 shares at a price of $6.00-$8.00 per share.
In the last year, Harbor Custom Development generated $36.6 million in revenue and $200,000 in net income. Harbor Custom Development has a market cap of $40.1 million.
ThinkEquity (a division of Fordham Financial Management) served as the underwriter for the IPO.
Harbor Custom Development provided the following description of their company for its IPO: ” We are a real estate development company involved in all aspects of the land development cycle including, land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects in Western Washington’s Puget Sound region. We have active or recently sold out residential communities in Gig Harbor, Bremerton, Silverdale, Bainbridge Island, and Allyn Washington. Our business strategy is focused on the acquisition of land to develop property for the construction and sale of residential lots, home communities, and multi-family properties within a 30 to 60-minute commute to the Seattle metro employment corridor and our planned entry into other similar markets elsewhere in the United States. “.
Harbor Custom Development was founded in 2014 and has 40 employees. The company is located at 11505 Burnham Dr., Suite 301, Gig Harbor, WA 98332, US and can be reached via phone at (253) 649-0636 or on the web at http://www.harborcustomdev.com.
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