Pinnacle Food Group, a Canada-based provider of small-scale hydroponic growing systems, announced terms for its IPO on Tuesday.
The Vancouver-based company plans to raise $6 million by offering 1.4 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Pinnacle Food Group would command a market value of $51 million.
The company sells hydroponic growing systems and provides technical support services to individual households and community groups, and is developing a hydroponic growing system for urban farms. Its growing systems include sensors, growing trays, racks for growing trays, growing baskets, light panels, water tanks, and consumables such as seeds, grow sponges, and nutrient solutions. Pinnacle Food also provides advice, agricultural data intelligence, controllable data applications, environmental design consulting, equipment installation, and agricultural technical support to users of its equipment.
Pinnacle Food Group was founded in 2015 and booked $3 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol PFAI. Craft Capital Management is the sole bookrunner on the deal.
Source: Rennaisance Capital