Why Recently-Listed Real Estate Holding Company La Rosa's Shares Are Surging Today

La Rosa Holdings Corp LRHC, a holding company for five agent-centric multi-service real estate companies, announced the acquisition of a controlling interest in La Rosa Realty Lake Nona, Inc., one of its franchisees based in Orlando, Florida.

Lake Nona, boasting over $9.8 million in revenue and a positive net income last year, stands as a pivotal player in both the residential and commercial real estate brokerage arena. It also provides coaching and support services to agents on a fee basis.

Joe La Rosa, CEO of La Rosa Holdings, said, "We believe that not only does this acquisition expand our footprint in Florida, but it will also increase our top line revenue. With future planned franchisee acquisitions, we expect both our top line and bottom line to improve considerably as our current infrastructure is set up to support five times our current agent count."

LRHC recently closed its IPO of 1 million shares of common stock at an initial public offering price of $5.00 per share. The shares began trading on the Nasdaq Capital Market on October 10, 2023.

Price Action: LRHC shares are trading higher by 11.68% at $3.06 on the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.