NYIAX, which provides an advertising marketplace and contract management platform, raised the proposed deal size for its upcoming IPO on Thursday.
The New York, NY-based company now plans to raise $9 million by offering 1.9 million shares at $5. The company had most recently filed to offer 1.6 million shares at a range of $4.50 to $5.50. At the revised terms, NYIAX will raise 13% more in proceeds than previously anticipated.
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 NYIAX believes its utilization of financial technology brings automation of many manual and outdated processes to the advertising industry.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 September 30, 2022. It plans to list on the Nasdaq under the symbol NYX. Boustead Securities and WestPark Capital are the joint bookrunners on the deal.
