LAFAYETTE — Urban-gro Inc. (OTCMKTS: UGRO) received approval from the Nasdaq Capital Market to list itself on the exchange, setting up its initial public offering of up to $54 million to begin Friday morning.

In a statement, the Lafayette company said it plans to start selling 5.4 million shares at $10 per share under its existing ticker symbol UGRO through next Wednesday. If the IPO is oversubscribed, the company’s underwriters will have the option to purchase up to $8.1 million in additional stock.

The stock spiked in early trading Friday to as high as $13.61 per share before settling to $12.30 per share at the end of the period.

Urban-gro is an engineering firm that designs and builds climate-control systems for indoor agriculture uses, including cannabis. It intends to use the funds for broad expansion, including a foray into Europe, and to potentially invest in or acquire other companies.

The goal of up to $54 million in proceeds is starkly higher than the company’s original target of $13.1 million when it filed to join the Nasdaq in November.