Waton Financial slumps after near five-fold gain on Nasdaq debut

Waton Financial

02/04/2025 15:12

Updates

** Hong Kong securities brokerage firm Waton Financial's WTF.O shares slumps 41.7% to $11.58 in early trading

** Stock soared nearly five-fold to $19.85 in its stunning Nasdaq debut on Tuesday

** WTF went public after downsized $17.5 million U.S. IPO wherein the firm sold ~4.38 million shares at $4 apiece

** WTF's market value set to fall by $393.5 million, if losses hold

 ** Kowloon, Hong Kong-based WTF has ~47.6 million outstanding shares, per SEC filing, valuing the firm at $944.5 million as of last close

** About 19.5 million WTF shares changed hands on Tuesday, per LSEG data

** WTF's revenue jumped 75.2% to $10.1 million in the fiscal year ended March 31, 2024 from a year earlier

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

(Reporting by Arasu Kannagi Basil in Bengaluru)

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