Top Win International Ltd. (TOPW), the parent of a Hong Kong wholesaler of Rolex watches and other luxury watch brands, priced its small-cap IPO at $4.00 – the bottom of its $4.00-to-$6.00 price range – and sold 2.664 million shares – the number of shares in the prospectus – to raise $10.66 million on Tuesday night, April 1, 2025. Top Win’s stock jumped in its NASDAQ debut today – Wednesday, April 2nd – opening at $4.95 at about 12:02 P.M. EDT. Shares of Top Win quickly climbed to $5.45 – up 36.25 percent from their IPO price – on volume of slightly more than 630,000 shares.
By 12:35 p.m. EDT today, Top Win’s stock was trading at $8.25 – up 106.25 percent for a $4.25 gain from its IPO price – to score a moonshot on its first day of NASDAQ trading on volume of about 1.04 million shares. A moonshot occurs when a stock doubles its IPO price – or more – in its first day of trading.
By late afternoon, Top Win’s stock gave up its gains and broke issue price. Top Win’s stock closed its first day of trading at $3.83, down 17 cents or 4.25 percent on NASDAQ volume of nearly 8 million shares.
Dominari Securities and Revere Securities acted as joint book-runners.
The company does business through its Hong Kong operating subsidiary, Top Win International Trading Limited.
“We currently offer a selection of over 30 internationally renowned watch brands, including Blancpain, Breguet, Cartier, Chopard, Hermes, IWC, Jaeger, Rolex, Omega, and Longines,” Top Win International said in the prospectus. “We primarily trade watches within the price range of $1,900 to $7,500 with our target customers being middle to high-income earners.”
Top Win International Ltd. is not profitable, according to financial statements in the prospectus. For the 12 months that ended June 30, 2024, Top Win International Ltd. reported a net loss of about $0.29 million (a net loss of about $290,000) on revenue of $15.23 million, according to the prospectus.
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