Onfolio Holdings, which acquires and manages a portfolio of small websites, revised the terms for its upcoming IPO on Friday.
The remote-only company now plans to raise $15 million by offering 2.9 million units at a price range of $4.25 to $6.25. The company had previously filed to offer 2.9 million units at a range of $4.15 to $6.15. Each unit now consists of one share of common stock and one warrant, exercisable at the IPO price. Each unit previously contained one warrant, exercisable at 125% of the IPO price. At the midpoint of the revised range, Onfolio Holdings will raise the same amount of proceeds.
Because the company is offering units with warrants attached, Onfolio will be excluded from Renaissance Capital's 2022 IPO stats.
Onfolio acquires controlling interests in and actively manages small websites, or those that generate annual cash flows of up to $5 million per year. The company's portfolio currently consists of 18 managed websites, operating in verticals including pets, arts and crafts, B2B SEO services, molecular hydrogen supplements, computers, graphic design, and people search.
Onfolio Holdings was founded in 2019 and booked $2 million in sales for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol ONFO. EF Hutton is the sole bookrunner on the deal.
