PishPosh, an online baby product retailer, raised the proposed deal size for its upcoming IPO on Monday.
The Lakewood, NJ-based company now plans to raise $9 million by offering 1.8 million shares at $5. The company had most recently filed to offer 1.7 million shares at the same price. At the revised terms, PishPosh will raise 4% more in proceeds than previously anticipated.
Concurrently, selling shareholders have registered 1.3 million shares, which may be offered and sold from time to time after the company's shares have begun trading on the Nasdaq.
PishPosh is an online retailer of baby products, focusing on mid- to higher-income demographics. The company showcases and sells its products through its website, third party marketplaces, and its on-site boutique. PishPosh generates approximately 85% of its current sales from strollers, stroller accessories, and car seats, but intends to diversify its revenue base by expanding into new categories like baby health and safety and nursery. Its growth strategy also includes manufacturing its own branded products.
PishPosh was founded in 2015 and booked $22 million in sales for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol BABY. Boustead Securities and Sutter Securities are the joint bookrunners on the deal.
