Urban-Gro ends IPO, raises $62.1M

LAFAYETTE — Indoor agricultural engineering firm urban-gro Inc. (Nasdaq: UGRO) closed out its initial public offering on the Nasdaq Capital Market at the end of trading Wednesday, raising the maximum $62.1 million possible.

In a statement, the Lafayette company said the proceeds included $8.1 million sold from the IPO’s underwriter in the case of an oversubscription, or when too many investors tried to purchase the stock on its debut.

Urban-gro’s stock initially spiked to a high of $13.42 per share last Friday morning in its first day on the exchange, and spent today trading between $10.25 and $10.81 per share, never falling below its debut price of $10 per share.

Urban-gro 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 company initially filed to join the Nasdaq last November after several months on the over-the-counter markets, with its fundraising target skyrocketing from an initial $13.1 million to $55 million over several months.

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