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Short-term rental group CorpHousing (NYSE:CHG) stock climbed 11% following its downsized $14M initial public offering on Friday.

Shares of CorpHousing opened at $4.16, hitting a high of $5 in late morning. The stock recently changed hands at $4.44 at approximately 12:10 p.m. ET.

CorpHousing priced 3.4M shares at $4 per share, raising approximately $14M. Underwriters were granted an option to buy up to 506K additional shares to cover any overallotments.

The deal was downsized from an earlier proposal in July that called for the company to offer 4.5M shares priced between $4 and $5, which would have raised around $20M if priced at the midpoint.

Based in Florida, CorpHousing runs a portfolio of leased properties for short-term rental in major metropolitan areas. Approximately 88% of its properties are located in commercially zoned areas that are not subject to short-term stay length requirements.

For more on CorpHousing, check out SA contributor Donovan Jones’s “CorpHousing Group Seeks $30 Million for Expansion Effort.”

Image and article originally from Read the original article here.

By admin