Mangoceuticals, which provides an erectile dysfunction product via telehealth, raised the proposed deal size for its upcoming IPO on Thursday.
The Dallas, TX-based company now plans to raise $5 million by offering 1.3 million shares at $4. The company had previously filed to offer the same number of shares at a range of $3 to $5. At the revised terms, Mangoceuticals will raise the same amount in proceeds.
If the company raises less than $5 million, Mangoceuticals will be excluded from Renaissance Capital's 2023 IPO stats.
Mangoceuticals plans to connect consumers to licensed healthcare professionals through its recently launched website for the provision of care via telehealth, as well as provide access to a licensed pharmacy for online fulfillment and distribution of certain medications. The company has developed and is currently in the process of preparing to commercially market a new brand of erectile dysfunction (ED) product under the brand name "Mango." Mangoceuticals launched its website in mid-November 2022, and to date, it has sold only a small amount of products. It plans to market and seek to sell commercial quantities of its Mango ED product in the 1Q23. The Mango ED product has not been and will not be approved by the FDA.
Mangoceuticals was founded in 2021 and plans to list on the Nasdaq under the symbol MGRX. Boustead Securities is the sole bookrunner on the deal.
