The IPO Buzz: Alpha Technology Group Opens Flat & Rises Sharply in Halloween Debut

Alpha Technology Group Ltd. (ATGL) opened flat at $4.00 – its IPO price – at 10:45 a.m. EDT today and quickly rose to $4.54 in its NASDAQ debut on Halloween (Tuesday,  Oct. 31, 2023). Before noon EDT, Alpha Technology Group’s stock popped above $5.00. At around 12:34 p.m. EDT, the stock hit $6.54 – its session high. At the close, Alpha Technology Group was at $4.40 – up only 40 cents or 10 percent – in its first day of NASDAQ trading. 

This micro-cap deal is the last IPO to start trading in October, which has been a harsh month for IPO investors and the broad U.S. stock market.

Alpha Technology Group’s micro-cap IPO was priced Monday night, Oct. 30, 2023, at $4.00 – the low end of its $4.00-to-$5.00 price range – on 1.75 million shares – the number in the prospectus – to raise $7.0 million. The stock was issued by the holding company, whose Hong Kong operating subsidiaries are cloud-based IT solution service provers.

Prime Number Capital was the sole book-runner.

Web and mobile application development services are among the cloud-based IT services supplied by Techlution, a Hong Kong-based subsidiary of Alpha Technology Group. These applications are designed to assist users in various tasks such as drafting, storing information, transferring documents, communication, tracking geographic locations, managing productivity and reporting status, the prospectus says.

Techlution also offers NFT-related services, including the creation of NFT artwork and the development of NFT-related games for customers. (NFT stands for non-fungible token.)

NSL, which is Alpha Technology Group‘s other Hong Kong-based subsidiary, provides AI-powered optical character recognition (OCR) services. These services can be used to extract printed texts and data from imported documents such as invoices, receipts, applications, forms and identification documents, according to the prospectus.

Alpha Technology Group Ltd., the holding company, is incorporated in the British Virgin Islands. The company is not profitable: The prospectus shows that Alpha Technology Group Ltd. reported a net loss of $339, 315 on revenue of  $563,226 for the financial year that ended Sept. 30, 2022. For the six months that ended March 31, 2023, the company reported a net loss of $305,434 on revenue of $706,073, according to the prospectus. (These financial figures are in U.S. dollars, converted from Hong Kong dollars.)

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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

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