02:06 PM EDT, 07/16/2024 (MT Newswires) -- Metros Development is offering 2.5 million common shares in its initial public offering in the US, the Japanese urban redevelopment consulting company said in a registration statement Tuesday.

The IPO is expected to be priced in a range of $5.50 to $6.50 per share, with the sale to start "as soon as practicable" after the effective date of the registration statement. The company projected net proceeds of about $14.8 million, including overallotments, based on assumed $6.00 per share offer price.

The company has applied to list its shares on Nasdaq under the ticker symbol MTRS, and intends to apply for listing on the NYSE American.

Metros Development said underwriters will have a 45-day option to purchase up to 375,000 additional common shares to cover overallotments, if any.

It plans to use the net proceeds for working capital and general corporate purposes, which may include developing and marketing a real estate crowdfunding platform.