Short-term rental properties operator reAlpha filed today for a direct listing on the Nasdaq with plans to sell 41,666,554 shares. The company did not cite an estimated date for the listing nor a reference price.
reAlpha completed a Reg A offering in January, raising $8.6 million at $10 per share. In a regulatory filing at the time, the company said its business is to “provide retail investors the opportunity to participate in short-term rental properties we acquire by offering a minority interest in each portfolio property. We intend to make that opportunity available pursuant to exempt offerings directed at those retail investors (as well as institutional investors),” which reAlpha plans to call “Syndicate Members.”
The company intends to acquire single-family homes, renovate them to optimize after-repair value, if needed, list them on short-term rental sites and manage them for reAlpha’s benefit and for the benefit of Syndicate Members who purchased minority interests in the acquired properties. In addition to managing the property operations, they will also manage the financial performance of the asset. As of Oct. 31, the company owned and operated properties in Dallas, as well as Kissimmee, Davenport, and Champions Gate in Florida. The company said it is building a pipeline for acquiring additional properties to be listed on Airbnb and Vacasa. Read more.
