The OLB Group, a merchant acquirer with a suite of payment services, lowered the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $5 million by offering 0.7 million shares at a price of $7.60. The company had previously filed to offer 0.6 million shares at a price of $15. At the revised deal size, The OLB Group will raise -44% less in proceeds than previously anticipated to command a market value of $46 million. Because its post-IPO market cap has fallen below $50 million, OLB Group no longer qualifies for Renaissance Capital tracking.
The OLB Group was founded in 2004 and booked $10 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol OLB. Aegis Capital Corp. is the sole bookrunner on the deal.
