Prestige Wealth, a Hong Kong-based wealth and asset management services provider, filed on Tuesday with the SEC to raise up to $15 million in a US initial public offering.
The Hong Kong-based company plans to raise $15 million by offering 2.5 million shares at a price range of $5.50 to $6.50. At the midpoint of the proposed range, Prestige Wealth would command a market value of $63 million.
Through its operating subsidiaries, Prestige Wealth provides wealth management and asset management services primarily to high net worth and ultra-high net worth individuals in Asia, with many of its clients residing in mainland China or Hong Kong. In FY21, the company received almost all of its revenue from its asset management subsidiary, PAI, which acts as an investment advisor and fund manager for clients and in exchange, receives certain fees for managing and advising a fund, including subscription fees, performance fees, and management fees. Prestige's wealth management services consist of a network of brokers (licensed in Hong Kong and the US), which distributes insurance products, while also providing referrals for trust lawyers, tax accountants, and education planning.
Prestige Wealth was founded in 2018 and booked $2 million in revenue for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol PWM. Network 1 Financial Securities is the sole bookrunner on the deal.
