IDW Media Holdings, a publisher of comic books, graphic novels, and art books, raised $9 million by offering 2.5 million shares at $3.60, below the $3.95 close of its shares on the OTC (IDWM). The company offered 0.25 million more shares than anticipated. At pricing, the company commands a market value of $45 million. Because its market cap is less than $50 million at IPO, IDW Media 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 plans to list on the NYSE American under the symbol IDW. EF Hutton acted as sole bookrunner on the deal.
