YayYo, which operates a fleet management and auto rental platform for ridesharing drivers, lowered the proposed deal size for its upcoming IPO on Wednesday. Because YayYo is now an underwritten public offering of $5 million or more, we have begun tracking the deal in our IPO pipeline.
The Beverly Hills, CA-based company now plans to raise $5 million by offering 0.625 million shares at a price range of $7 to $9, half the share offering of its previous filing. At the midpoint of the revised range, YayYo will command a fully diluted market value of $288 million (implies a 2% float).
YayYo was founded in 2016 and booked $1 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol YAYO. The Benchmark Company was also named the sole bookrunner on the deal.
