Hong Kong's Waton Financial soars in Nasdaq debut after downsized $17.5 million IPO

Waton Financial

01/04/2025 18:32

Updates

** Hong Kong securities brokerage firm Waton Financial's WTF.O shares jump as much as 54% to $6.16 in their Nasdaq debut

** Stock opened for trading at $4.29 vs $4 IPO price

** WTF sold ~4.38 million shares in its downsized U.S. IPO to raise $17.5 million

** Kowloon, Hong Kong-based WTF had initially planned on selling 5 million shares in its IPO priced between $4 and $6 each

** Cathay Securities and Dominari Securities were the underwriters for the offering

** At IPO price, WTF fetched a valuation of about $190 million

** Waton Financial provides securities brokerage and financial technology services through its Hong Kong subsidiaries

** IPO proceeds will be used to bolster its trading platform and asset management business, among other purposes

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))