NYIAX, which provides an advertising marketplace and contract management platform, filed on Wednesday with the SEC to raise up to $20 million in an initial public offering.
The New York, NY-based company plans to raise $20 million by offering 4.4 million shares at a price range of $4 to $5. At the midpoint of the proposed range, NYIAX would command a market value of $74 million.
The NYIAX platform allows Media Buyers and Sellers to list, buy, and sell advertising or audience campaigns, after which the contract flows directly into the Hyperledger Fabric Blockchain for contract management, reconciliation, and automation purposes. NYIAX believes its utilization of financial technology brings automation of many manual and outdated processes to the advertising industry. The technology platform it employs is protected through a joint patent held by both NYIAX and a subsidiary of Nasdaq.
NYIAX was founded in 2012 and booked $1 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol NYX. The company filed confidentially on December 23, 2021. Boustead Securities is the sole bookrunner on the deal.
