Garden Stage, a Hong Kong-based provider of underwriting and brokerage services, lowered the proposed deal size for its upcoming IPO on Tuesday.
The company now plans to raise $9 million by offering 2 million shares at a price range of $4 to $5. Concurrently, selling shareholders are registering 1.8 million shares pursuant to a separate resale prospectus. The company had previously filed to offer 3.8 million shares (40% secondary) at $4. At the midpoint of the revised range, Garden Stage will raise 40% less in proceeds than previously anticipated.
Garden Stage is a financial services firm engaged in the provision of placing and underwriting services, securities dealing and brokerage services, and asset management services in Hong Kong. The company operates through subsidiaries I Win Securities and I Win Asset Management.
Garden Stage was founded in 2016 and booked $3 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol WIN. Revere Securities is the sole bookrunner on the deal.
