Powell Max (PMAX) cut its small IPO at pricing to 1.43 million shares (1,426,750 shares) and priced the deal at $4.00 – the low end – to raise $5.71 million, the company said today – Thursday, Sept. 5, 2024. Powell Max shares opened today at $4.30 – up 30 cents from their IPO price – in their NASDAQ debut today on volume of 281,881 shares. Powell Max’s stock ended its first day of NASDAQ trading at $4.00 – flat with its IPO price – on volume of 1,762,563 shares. During the session, Powell Max hit an intraday high of $4.68.
The IPO’s terms were 1.65 million shares at a price range of $4.00 to $6.00 to raise $8.25 million, if priced at the $5.00 mid-point, according to the prospectus.
WallachBeth Capital LLC was the sole book-runner. Revere Securities acted as the co-manager.
Powell Max, incorporated in the British Virgin Islands, is a holding company. It conducts business through JAN Financial Press Limited (aka “JAN Financial”) – its sole operating subsidiary, based in Hong Kong. JAN Financial provides financial communications services to support the capital market compliance and transaction needs of corporate clients and their advisors in Hong Kong. The company’s services include corporate reporting, communications and financial printing. Its clients are domestic and international companies whose stock is listed on the Hong Kong Stock Exchange as well as companies that intend to list in Hong Kong, according to the prospectus.
Financial statements in the prospectus show that Powell Max is profitable. For the year that ended Dec. 31, 2023, Powell Max earned net income of $0.91 million (about $910,000) on revenue of $6.3 million.
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