Published: July 10, 2023 at 3:04 pm ET
Shares of Prestige Wealth Inc. PWM rose 51.8% in volatile afternoon trade Monday, trading 479.6% above the price of the Hong Kong-based wealth management company’s IPO on July 6. The stock has previously gained as much as 62.0% on the day, cutting into some gains. The company announced last Thursday that its IPO cost $5 per million shares as the company raised $5 million from the IPO. The company said the proceeds will be used for brand promotion, hiring account managers and other employees, and expanding products and services. The stock closed at $5.40 on July 6, then…
Prestige Wealth Inc. shares
PWM
Soared 51.8% in volatile afternoon trade Monday, up 479.6% from the price of the Hong Kong-based asset management firm’s IPO on July 6. The stock gained as much as 62.0% on the day before shedding some gains. The company announced last Thursday that its IPO cost $5 per million shares as the company raised $5 million from the IPO. The company said the proceeds will be used for brand promotion, hiring account managers and other employees, and expanding products and services. The stock closed at $5.40 on July 6, then shot up 253.5% on Friday to close at $19.09 before bouncing back on Monday. The stock was halted four times on Monday for volatility, after being halted nine times on Friday and once on Thursday.
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