YayYo, which operates a fleet management and auto rental platform for ridesharing drivers, revised terms for its upcoming IPO on Monday. The company increased the number of shares in the offering and decreased the price range.
The Beverly Hills, CA-based company now plans to raise $10 million by offering 2.5 million shares at a price of $4. The company had previously filed to offer 1 million shares at a range of $7 to $9. YayYo will raise 25% more in proceeds than previously anticipated, commanding a market value of $117 million.
YayYo was founded in 2016 And booked $6 million in sales for the 12 months ended June 30, 2019. It plans to list on the Nasdaq under the symbol YAYO. The company removed The Benchmark Company as its sole bookrunner; Aegis Capital is now the sole bookrunner on the deal.
