Generation Income Properties Inc. filed a preliminary prospectus for an IPO of an undisclosed number of common shares.
The proposed maximum offering price, estimated solely to calculate the registration fee, is $15.0 million.
The internally managed Maryland corporation, which focuses on acquiring and investing mainly in freestanding, single-tenant, net-lease commercial properties, plans to apply to list its common stock on the Nasdaq Capital Market under the ticker GIPR. Its common stock is currently approved to be quoted on the OTCQB Venture Market under the GIPR symbol. It aims to qualify to be taxed as a real estate investment trust in the first year ending after the closing of the offering, or such later date as is determined by its board.
Generation Income plans to contribute net proceeds from the IPO to its operating partnership in exchange for OP common units. The operating partnership would use substantially all of the net proceeds to operate its existing portfolio of commercial real estate properties and acquire additional freestanding, single- or dual-tenant commercial assets. Any remaining funds will go toward general business purposes.
The company owns an initial portfolio of six assets as of Sept. 30, comprising retail, industrial and office properties in Washington, D.C.; Tampa and Cocoa, Fla.; Huntsville, Ala.; and Norfolk, Va.
Maxim Group LLC is the sole underwriter and book-running manager for the offering.