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Asset management company CaliberCos (NASDAQ:CWD) shares rose 120% on Wednesday afternoon after the IPO was boosted by $4.8 million.
Shares of the Arizona-based company opened at $3.80 after trading at $4. The stock price was halted at 12:26 ET at $4.22 due to volatility. The stock reopened at 1:51 p.m. ET, rocketing to $8.80.
CaliberCos offered 1.2 million shares at a price of $4 each. Underwriters have been granted a 45-day option to purchase up to 15% additional shares to cover over-allotments. Spartan Securities is acting as the sole underwriter.
In May, CaliberCos reduced its planned IPO from $6 million to $4 million.
Caliber originally filed for an IPO in September 2022. The proposed deal was to offer 1.6 million shares at a price between $5 and $6, which would have raised about $9 million.
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