Earlyworks, which provides blockchain technology to businesses in Japan, raised the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also replaced sole bookrunner Univest Securities with Tiger Brokers, and disclosed financials for the six months ended October 31, 2022.
The Tokyo, Japan-based company now plans to raise $6 million by offering 1.2 million shares at $5. The company had previously filed to offer the same number of shares at a range of $4 to $6. At the proposed price, Earlyworks will raise the same amount in proceeds as previously anticipated.
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 $2 million in revenue for the 12 months ended October 31, 2022. It plans to list on the Nasdaq under the symbol ELWS. Tiger Brokers is the sole bookrunner on the deal.
