Onfolio Holdings, which acquires and manages a portfolio of small websites, changed the terms for its upcoming IPO on Tuesday.
The Wilmington, DE-based company now plans to raise $14 million by offering 3.1 million units at $4.50. The company had previously filed to offer 1.6 million units at $4.50, prior to a 1-for-4.76 reverse stock split. Each unit still consists of one share of common stock and two warrants, exercisable at the IPO price. At the revised terms, Onfolio Holdings will raise 95% more in proceeds than previously anticipated and command a fully diluted market value of $25 million (-57% vs previous terms).
Because the company is offering units with warrants attached, and the proposed market cap is beneath $50 million, 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 revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol ONFO. EF Hutton is the sole bookrunner on the deal.
