Prestige Wealth, a Hong Kong-based wealth and asset management services provider, raised $5 million by offering 1 million shares at $5, the low end of the range of $5 to $6. At pricing, the company commands a market value of $45 million.
Because the company has a market cap of less than $50 million at pricing, Prestige Wealth will be excluded from Renaissance Capital's 2023 IPO stats.
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 and Hong Kong. The company's asset management subsidary, PAI, acts as an investment advisor and fund manager for clients and in exchange, receives certain fees for managing and advising a fund. Its 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. In the FY22, Prestige received a majority of its revenue from its wealth management subsidiaries.
Prestige Wealth plans to list on the Nasdaq under the symbol PWM. Revere Securities and R.F. Lafferty & Co. acted as joint bookrunners on the deal.
