Big Island’s Aina Le’a Developer Seeks Funding From IPO on NASDAQ
The Aina Le’a project is a massive undertaking that has been in the development stage for years, but has had very little actual construction. In recent years, the project has encountered problems in not meeting construction deadlines in the first phase of building a condo complex.
This delay put the development in the position of having the Hawaii State Land Use Commission reviewing the project and looking at reverting Aina Le’a’s land classification back to agricultural – and the project also had to deal with a lawsuit filed by its neighbor, the Mauna Lani Resort.
Seeking Wall Street Funding
It has just been announced that the developer is seeking funding for the project by going to Wall Street with an IPO that is looking to bring in $38 million. The filing was filed on Friday, July 27th and proposes to list Aina Le’a on the NASDAQ under the symbol AINA. At the time of the filing, there were no underwriters or pricing terms announced.
Well, I believe this is the first time I’ve heard of a Big Island real estate development raising needed funds by an IPO. It will be interesting to watch this IPO and see how it fares. Hmm…maybe some Facebook owners would like to flip to this stock?
I love the Big Island! Aloha.