The IPO Buzz: Prestige Wealth (PWM) Prices Micro-Cap IPO at $5.00 – Low End

Prestige Wealth, Inc. (PWM) priced its micro-cap IPO at $5.00 – the low end of its $5.00-to-$6.00 range – and raised $5 million, the Hong Kong-based company said in an announcement dated today (Thursday, July 6, 2023). The company priced 1.0 million shares, the same number in the prospectus. The stock dipped in its NASDAQ debut, opening at 12:03 p.m. EDT today at $4.85, down 15 cents or off 3 percent from its $5.00 IPO price. Shortly before 1 p.m. EDT, the stock recovered, trading at $5.15, up 15 cents or up 3 percent for the day so far. Prestige Wealth’s stock began trading amid a sharp sell-off in the overall U.S. stock market following strong data today on weekly U.S. jobless claims. At the closing bell, Prestige Wealth shares were at $5.40, up 40 cents for an 8 percent gain in their first day of NASDAQ trading.

This deal is the first IPO priced after the Fourth of July holiday.

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

The IPO’s size was cut in half – to 1.0 million shares from 2.0 million shares – in an F-1/A filing dated May 12, 2023. In that same filing, the price range was raised to $5.00 to $6.00, up from $4.00 to $5.00, with the estimated IPO proceeds at $5.5 million. Revere Securities was named sole book-runner, replacing Network 1 Financial Securities, in that May 12, 2023, filing with the SEC.

Prestige Wealth, Inc., based in Hong Kong, says its subsidiaries’ operations are primarily in Hong Kong. Its subsidiaries assist their clients in identifying and purchasing well-matched wealth management products and global asset management products. These clients are primarily high net worth and ultra-high net worth individuals in Asia, with the majority living in mainland China or Hong Kong. High net worth individuals and ultra-high net worth individuals are people who own individual investable assets, including financial assets and investment property, with total value over $1.5 million or over $4.5 million, respectively, according to the prospectus.

Prestige Wealth reported a profit for fiscal year 2022, which ended Sept. 30, 2022.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)

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