TessPay, which offers a blockchain-based platform for financial transactions, revised the terms for its upcoming IPO on Friday.
The Fort Myers, FL-based company now plans to raise $7 million by offering 1.3 million shares at a price range of $5 to $6. The company had previously filed to offer the same number of shares at a range of $4 to $6. At the midpoint of the revised range, TessPay will raise 10% more in proceeds than previously anticipated.
TessPay has developed a financial technology platform for securing and streamlining financial transactions that utilizes blockchain technology. The company initially deployed the platform within the wholesale telecommunications industry, then expanded into funding participating providers and the major projects commercial construction industry.
TessPay was founded in 2017 and booked $2 million in revenue for the 12 months ended December 31, 2023. It plans to list on the NYSE American under the symbol TPI. Dominari Securities and Revere Securities are the joint bookrunners on the deal.
