Marijuana software firm Agrify prices IPO to raise $54 million

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Agrify Corp., an ancillary marijuana business that produces hardware and software for indoor cannabis cultivators, priced an upcoming initial public share offering at $10 per share, or $54 million.

Agrify shares will trade as AGFY on the Nasdaq exchange. Trading is expected to begin Jan. 28.

The $54 million figure does not include underwriting discounts, commissions and other expenses, the Burlington, Massachusetts-based company said in a news release.

Agrify had an order backlog of $59.3 million at the end of 2020, according to a prospectus filing.

“We expect to recognize revenue of approximately $40 million in 2021 and the rest gradually thereafter,” the prospectus notes.

According to the filing, Agrify will spend the proceeds from the offering on:

  • Research and development.
  • Sales and marketing.
  • New personnel.
  • Capital expenditures.
  • An equipment-financing plan for customers.
  • Working capital and general corporate purposes.