Waton Financial Limited (NASDAQ: WTF), a Hong Kong-based securities brokerage and financial technology services provider, saw its shares soar 7.25% in its Nasdaq debut on Tuesday. The strong performance comes after the company priced its initial public offering (IPO) at $4.00 per share, raising $17.5 million in gross proceeds.
The company sold approximately 4.375 million ordinary shares, slightly less than the initially planned 5 million shares. At the IPO price, Waton Financial achieved a valuation of about $190 million. The offering also includes a 45-day option for underwriters to purchase up to an additional 656,250 shares at the IPO price.
Waton Financial, which operates primarily through its Hong Kong subsidiaries Waton Securities International Limited and Waton Technology International Limited, plans to use the IPO proceeds to enhance its trading platform and expand its asset management business. The company's successful debut suggests strong investor interest in fintech and brokerage services in the Asian market.
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