YayYo, which owns and operates rideshare and fleet management platforms for passenger vehicles, lowered the proposed deal size for its upcoming IPO on Thursday.
The Beverly Hills, CA-based company now plans to raise $5 million by offering 0.6 million shares at a price range of $7 to $9. Insiders are also selling 1.5 million shares. The company had previously filed to offer 1.3 million shares at a range of $7 to $9. At the midpoint of the revised range, YayYo will raise -50% less in proceeds than previously anticipated.
YayYo was founded in 2016 and booked $1 million in revenue for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol YAYO. The Benchmark Company was recently named the sole bookrunner on the deal.
The article Ride sharing platform operator YayYo decreases proposed IPO deal size and announces underwriter originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.