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Investing.com -- Waton Financial Limited, a holding company incorporated in the British Virgin Islands, started trading on the Nasdaq Capital Market under the ticker symbol "WTF" today. The company’s shares opened at $4.29 per share, a solid increase from its initial public offering (IPO) price of $4.00 per share.
Waton Financial, which primarily provides securities brokerage and financial technology services through its Hong Kong subsidiaries, Waton Securities International Limited and Waton Technology International Limited, announced the pricing of its IPO earlier today. The IPO consists of 4,375,000 ordinary shares, with no par value per share.
The expected gross proceeds from the IPO, assuming that the over-allotment option is not exercised, are approximately $17,500,000. This total is calculated before deducting underwriting discounts, commissions, and estimated offering expenses payable by Waton Financial.
In addition to the initial offering, Waton Financial has granted the underwriters a 45-day option to purchase up to an additional 656,250 ordinary shares at the IPO price, less underwriting discounts and commissions.
The IPO is being conducted on a firm commitment basis. Cathay Securities, Inc. is serving as the representative of the underwriters for the offering, while Dominari Securities LLC is acting as co-underwriter.
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