Onfolio Holdings, which acquires and manages a portfolio of small websites, lowered the proposed deal size for its upcoming IPO on Monday.
The Wilmington, DE-based company now plans to raise $7 million by offering 1.6 million units at $4.50. The company most recently filed to offer 1.7 million units at a range of $4.50 to $5.50, downwardly revising its terms in June from 2.9 million units at a range of $4.25 to $6.25. Each unit still consists of one share of common stock and two warrants, exercisable at the IPO price. At the revised terms, Onfolio Holdings will raise -15% less in proceeds than previously anticipated.
Because the company is offering units with warrants attached, Onfolio will be excluded from Renaissance Capital's 2022 IPO stats.
Onfolio acquires controlling interests in and actively manages small websites, or those that generate annual cash flows of up to $5 million per year. The company's portfolio currently consists of 18 managed websites, operating in verticals including pets, arts and crafts, B2B SEO services, molecular hydrogen supplements, computers, graphic design, and people search.
Onfolio Holdings was founded in 2019 and booked $2 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol ONFO. EF Hutton is the sole bookrunner on the deal.
