Earlyworks, which provides blockchain technology to businesses in Japan, announced terms for its IPO on Friday.
The Tokyo, Japan-based company plans to raise $6 million by offering 1.2 million ADSs at a price range of $4 to $6. At the midpoint of the proposed range, Earlyworks would command a fully diluted market value of $80 million.
Concurrently, selling shareholders have registered 1.8 million ADSs, which may be offered and sold from time to time pursuant to the separate resale prospectus.
Through its proprietary Grid Ledger System, Earlyworks leverages blockchain technology in various business settings, including advertisement tracking, online visitor management, and sales of non-fungible tokens. The company generates revenue from software and development services and consulting services. It serves customers across a range of industries, including information technology, shipping, real estate, entertainment, cosmetics, and chemical products.
Earlyworks was founded in 2018 and booked $4 million in revenue for the 12 months ended April 30, 2022. It plans to list on the Nasdaq under the symbol ELWS. Univest Securities is the sole bookrunner on the deal.
