The IPO Buzz: Garden Stage Ltd. (GSIW) Scores a Moonshot in Dec. 1st Debut

Shares of Garden Stage Ltd. (GSIW) surged 155 percent to close at $10.20 – more than double their $4.00 IPO price – to score a moonshot in their debut today – Dec. 1, 2023 – on the NASDAQ. Volume was slightly more than 4.9 million shares. The stock vaulted into moonshot territory shortly after noon EST today when it jumped to $8.12, its session high at the time. A  moonshot occurs when a company’s stock gains at least 100 percent from its IPO price – doubling that price or more – on Day 1 as a publicly traded company. The stock got off to a mild start, however, opening at $4.45 – up 45 cents from its IPO price to register a gain of 11.25 percent – at 11;35 a.m. EST today.

Garden Stage, Ltd., the parent of a Hong Kong-based financial services company, increased the size of its small IPO to 2.5 million shares – up from 2.0 million in the prospectus – and priced the deal at $4.00 – the low end of its $4.00-to-$5.00 range – to raise $10.0 million on Thursday night (Nov. 30, 2023). The IPO raised $1 million more than the estimated proceeds under its terms.

Revere Securities, R.F. Lafferty & Co. and Dominari Securities were the joint book-runners.

Garden Stage Ltd.’s IPO was the only initial public offering to start trading on Dec. 1, 2023. The Cayman Islands-incorporated holding company offered the stock in the IPO – and not the underlying financial services company or its operating subsidiaries.

Garden Stage Ltd. is the holding company for a financial services company with two subsidiaries – I Win Securities and I Win Asset Management.

For fiscal year 2022, which ended March 31, 2022, about 80.1 percent of the company’s total revenue came from securities dealing and brokerage services.

The company’s services consist of underwriting and placing, including acting as a book-runner or a lead manager of IPOs; securities dealing and brokerage services, and asset management services.

For fiscal year 2023, which ended March 31, 2023, Garden Stage Ltd. reported a net loss of $0.2 million ($200,000) on revenue of $3.3 million, according to financial statements in the prospectus. (These 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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