Garden Stage Reduces IPO Size
Garden Stage, a Hong-Kong based financial services provider, has announced a reduction in the size of its initial public offering (IPO). According to a Securities and Exchange Commission filing on Tuesday, the company will now offer up to 2 million shares, representing 13.6% of its total ordinary shares. The estimated IPO price is expected to range between $4 and $5 per share.
Initially, Garden Stage had planned to price the IPO at $4 per share. However, the company has adjusted its offering and applied to list its common stock on the Nasdaq Capital Market under the symbol WIN. The total proceeds from the IPO are now expected to be $7.4 million, down from the previously anticipated $8.3 million as of the end of June.
The company intends to utilize the proceeds for several purposes, including increasing its capital base, enhancing its IT infrastructure, and strengthening its securities dealing and brokerage services.
In addition to Garden Stage's offering, three of the company's existing shareholders - State Wisdom, Bliss Tone, and Oriental Moon Tree - have also put forth an additional 1.8 million shares for resale. This represents 11.9% of Garden Stage's shares following the completion of the offering. It is important to note that the company will not receive any proceeds from the sale of shares by the selling stakeholders.
All Rights Reserved © 2024
Post a comment