Thumzup Media, which provides a mobile app to connect social media influencers with brands, raised $7 million by offering 1.4 million shares at $5, the low end of the range of $5 to $7. The company offered 0.2 million more shares than anticipated.
At pricing, Thumzup Media commands a market value of less than $50 million, so it will be excluded from Renaissance Capital's 2024 IPO stats.
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 plans to list on the Nasdaq under the symbol TZUP. Dawson James acted as sole bookrunner on the deal.
