Agrify, which provides turnkey indoor farming solutions, filed on Tuesday with the SEC to raise up to $25 million in an initial public offering.
The company claims to differentiate itself with a bundled solution of equipment, software, and services that is turnkey, end-to-end, fully integrated and optimized for precision growing. Agrify primarily generates revenue from its custom vertical farming unit, as well as facility build-outs. It serves a variety of agricultural segments, citing cannabis as a key market opportunity.
The company's initial filing follows the IPO pricing of larger peer Hydrofarm Holdings (HYFM) earlier this month, which popped 160% on its debut and closed Tuesday 197% above issue.
The Burlington, MA-based company was founded in 2016 and booked $9.4 million in sales for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol AGFY. Agrify filed confidentially on August 12, 2020. Maxim Group LLC and Roth Capital are the joint bookrunners on the deal. No pricing terms were disclosed.