Two small IPOs raised a total of $16.5 million on Thursday night (Aug. 22, 2024) – WORK Medical Technology Group Ltd. (WOK) brought in $8.0 million – and Reitar Logtech Holdings (RITR) took in $8.5 million. Both holding companies are incorporated in the Cayman Islands.
Both IPOs started trading today – Friday, Aug. 23, 2024 – on the NASDAQ – on a day when Wall Street is focused on what Federal Reserve Chairman Jerome Powell said at the Fed’s annual gathering in Jackson Hole, Wyoming. WORK Medical Technology Group Ltd. (WOK) opened at $3.60 – down 40 cents from the IPO price of $4.00 – at 11:36 a.m. EDT today on the NASDAQ on volume of 101,925 shares. Reitar Logtech Holdings opened at $4.71 – up 71 cents from the IPO price of $4.00 – at noon EDT today on the NASDAQ on volume of 158,470 shares.
At 10 a.m. EDT today, Powell said the Fed is ready to cut interest rates, confident that inflation is easing to normal levels and wary of any more slowing in the job market, according to The Washington Post. He did not give a timeline. Powell’s remarks set off a huge rally in the U.S. stock market, with the Dow jumping 348.84 points, or 0.86 percent, to 41,061.62, while the NASDAQ surged 291.55 points, or 1.65 percent, to 17,910.90, and the S&P 500 climbed 64.48 points, or 1.16 percent, to 5,635.32.
Here are the pricing details on the small IPOs that started trading today:
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WORK Medical Technology Group Ltd. (WOK) priced 2.0 million shares at $4.00 to raise $8.0 million. Kingswood Capital was the sole book-runner. The holding company, incorporated in the Cayman Islands, sold the stock in the IPO. The underlying business, based in China, sells disposable Class I and Class II medical devices: Face masks and breathing tubes for patients undergoing surgery are among their products sold to hospitals, pharmacies and other medical care providers in China and internationally, according to the prospectus. Financial Snapshot: Net income of $1.6 million on revenue of $9.86 million for the 12 months that ended March 31, 2024
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Reitar Logtech Holdings (RITR) priced 2.13 million shares (2,125,000 shares) at $4.00 to raise $8.5 million. Cathay Securities was the sole book-runner. The company, based in Hong Kong, described its business as one of the first movers into the PLT – property plus logistics technology – industry in Hong Kong, according to the prospectus. Financial Snapshot: Net income of $8.14 million on revenue of $14.39 million for the 12 months that ended Sept. 30, 2023
Stay tuned.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
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