CaliberCos stock soars 120% following upsized IPO (update)
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Asset management firm CaliberCos (NASDAQ:CWD) stock soared 120% Wednesday afternoon following an upsized $4.8M initial public offering.
Shares of the Arizona-based firm opened at $3.80 after being priced at $4. The stock was halted for volatility at 12:26 p.m. ET at $4.22. The stock reopened at 1:51 p.m. ET, rocketing to $8.80.
CaliberCos offered 1.2M shares priced at $4 apiece. Underwriters were granted a 45-day option to buy up to 15% additional shares to cover over-allotments. Spartan Securities is serving as sole bookrunner.
In May, CaliberCos downsized the proposed IPO to $4M from $6M.
Caliber originally filed for the IPO in September 2022. The proposed deal called for offering 1.6M shares priced between $5 and $6, which would have raised around $9M.