IDW Media Holdings, a publisher of comic books, graphic novels, and art books, announced terms for its IPO on Tuesday.
The Newark, NJ-based company plans to raise $9 million by offering 2.3 million shares at $4, the July 26th close of its shares on the OTC (IDWM). At the proposed price, IDW Media Holdings would command a market value of $49 million. If IDW Media's market cap is less than $50 million at IPO, it will be excluded from Renaissance Capital's stats.
IDW Media Holdings operates two main lines of business: IDW Publishing, which creates comic books, graphic novels, digital content, and games; and IDW Entertainment, which seeks to turn properties, primarily from IDW Publishing, into television series. In January 2020, IDW Publishing and the Smithsonian Institution announced a multi-year global publishing program, which will create a library of graphic novels built on the cultural and scientific knowledge of the world’s largest museum, educational, and research complex.
IDW Media Holdings was founded in 1999 and booked $37 million in revenue for the 12 months ended April 30, 2021. It plans to list on the NYSE American under the symbol IDW. EF Hutton is the sole bookrunner on the deal.
