Prestige Wealth stock soars again, to trade 480% above IPO price in 3 days

Shares of Prestige Wealth Inc. (PWM) soared 51.8% in volatile afternoon trading Monday, to trade 479.6% above what the Hong Kong-based wealth management company's initial public offering priced at on July 6. The stock has rallied as much as 62.0% intraday before paring some gains. The company said last Thursday that its IPO of 1 million shares had priced at $5 each, as the company raised $5 million in the IPO. The company said the proceeds will be used for brand promotion, the hiring of client relationship managers and other employees and for the expansion of products and services. The stock closed at $5.40 on July 6, then skyrocketed 253.5% on Friday to close at $19.09, before surging again on Monday. The stock has been halted four times for volatility on Monday, after being halted nine times on Friday and once on Thursday.

-Tomi Kilgore

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07-10-23 1505ET

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