Solowin Holdings, a Hong Kong-based online brokerage and investment advisory firm, announced terms for its IPO on Monday.
The Hong Kong-based company plans to raise $15 million by offering 3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Solowin Holdings would command a market value of $75 million.
The company operates through its wholly-owned subsidiary Solomon JFZ, a securities brokerage in Hong Kong that offers various products and services through a one-stop electronic platform. Solomon JFZ primarily provides securities-related services, investment advisory services, corporate finance services, and asset management services. The company's clients are mostly Chinese investors residing in Asia, as well as institutional clients in Hong Kong, Australia, and New Zealand. As of September 30, 2022, Solomon JFZ's platform had more than 19,000 users, including more than 15,000 who also opened trading accounts with the company.
Solowin Holdings was founded in 2017 and booked $2 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol SWIN. EF Hutton is the sole bookrunner on the deal.
