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Blockchain-based platform developer TessPay sets terms for $7 million IPO

February 9, 2024

TessPay, which offers a blockchain-based platform for financial transactions, announced terms for its IPO on Friday.

The Fort Myers, FL-based company plans to raise $7 million by offering 1.3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, TessPay would command a fully diluted market value of $72 million.

TessPay has developed a financial technology platform for securing and streamlining financial transactions that utilizes blockchain technology. The company initially deployed the platform within the wholesale telecommunications industry, then expanded into funding participating providers and the major projects commercial construction industry.

TessPay was founded in 2017 and booked $2 million in revenue for the 12 months ended September 30, 2023. It plans to list on the NYSE American under the symbol TPI. Dominari Securities and Revere Securities are the joint bookrunners on the deal.