Onfolio Holdings Inc. (ONFO) is planning to raise $7 million in an initial public offering (IPO) on Friday, July 29th, IPO Scoop reports. The company will issue 1,600,000 shares at a price of $4.50 per share.
In the last 12 months, Onfolio Holdings Inc. generated $1.7 million in revenue and had a net loss of $2.6 million. Onfolio Holdings Inc. has a market-cap of $64.6 million.
EF Hutton served as the underwriter for the IPO.
Onfolio Holdings Inc. provided the following description of their company for its IPO: “(Note: This is a small-cap unit IPO. Each unit consists of one share of common stock and two warrants, with each warrant exercisable to buy one share of common stock. IPOScoop has NO CALL on unit IPOs; SPACs are the exception to that policy.) We acquire controlling interests in and actively manage small websites with a focus on useful content. We define small websites as those that generate annual cash flows of up to $5 million per year. We focus on those that we believe operate in sectors with long-term growth opportunities, (ii) have positive and stable cash flows, (iii) face minimal threats of technological or competitive obsolescence and (iv) can be managed by our existing team or have strong management teams largely in place. Through the acquisition and growth of a diversified group of websites with these characteristics, we believe we offer investors in our shares an opportunity to diversify their own portfolio risk. We own or manage 18 websites, as of the date of this prospectus. We currently operate in the following verticals: Pets, Arts and Crafts, B2B SEO Services, Molecular Hydrogen Supplements, Computers, Graphic Design, and People Search. Our ideal acquisition candidate has the following characteristics: proven track record with paid media; a product, physical or digital with satisfied customers and brand equity; upward growth trajectory; growing industry or sector; attractive purchase price; under-utilized marketing assets or channels; passionate, high-value audience or customer base; attractive profit margin and cashflow; diversified traffic and revenue sources, and content or community-based. **Note: Revenue and net loss figures are for the 12 months that ended March 31, 2022. (Note: Onfolio Holdings cut the size of its IPO to 1.61 million units (1,605,000 units), down from 1.7 million units (1,700,000 units), and set the IPO price at $4.50, the bottom of its previous range of $4.50 to $5.50, in an S-1/A filing dated July 22, 2022. The unit IPO is now expected to raise $7.22 million, down 15.3 percent from its previous estimate of $8.5 million. Previous changes in terms: A reduction to 1.7 million units, down from 2.9 million, and a cut in the high end of the price range – now $4.50 to $5.50, compared with $4.25 to $6.25, in an S-1/A filing dated June 14, 2022. Onfolio Holdings filed its S-1 on April 7, 2022; it filed confidential IPO paperwork on Jan. 21, 2022.) “.
Onfolio Holdings Inc. was founded in 2019 and has 9 employees. The company is located at 1007 North Orange Street, 4th Floor Wilmington, Delaware 19801 and can be reached via phone at (682) 990-6920 or on the web at https://www.onfolio.com/.
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