Thumzup Media, which provides a mobile app to connect social media influencers with brands, raised the proposed deal size for its upcoming IPO on Wednesday.
The Los Angeles, CA-based company now plans to raise $7.5 million by offering 1.3 million shares at a price range of $5 to $7. The company had previously filed to offer 1 million shares at a range of $5 to $7. At the midpoint of the revised range, Thumzup Media will raise 25% more in proceeds than previously anticipated and command a fully diluted market cap of $54 million.
The company's app is designed to connect advertisers with individuals who are willing to tell their friends about the advertisers' products. Through the app, individuals can select brands, take photos with their products for social media, and be provided with captions for them to post on their accounts. Upon review, the advertisers pay the influencers for their services.
Thumzup Media was founded in 2020 and booked negligible sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol TZUP. Dawson James is the sole bookrunner on the deal.
