Onfolio Holdings, which acquires and manages a portfolio of small websites, raised $14 million by offering 2.8 million units at $5, above the proposed price of $4.50. Each unit consists of one share of common stock and two warrants, exercisable at $5. The company offered 0.4 million fewer units than anticipated. It originally filed in April to offer 2.9 million units at a range of $4.15 to $6.15, but revised its terms several times ahead of pricing.
Because the company's market cap at pricing is below $50 million and the offering contained warrants, 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 plans to list on the Nasdaq under the symbol ONFO. EF Hutton acted as sole bookrunner on the deal.
