Hong Kong-based software services company Wellchange Holdings Company Limited (WCT) priced its small IPO at $4.00 – the low end of its $4.00-to-$5.00 range – and sold 2.0 million shares – the number in the prospectus – to raise $8.0 million on Tuesday night, Oct. 1, 2024. At pricing, Wellchange Holdings had a market cap of $95 million. Wellchange Holdings’ stock dipped to $3.90 – down 10 cents – when it started trading on NASDAQ today – Wednesday, Oct. 2, 2024. By around 12:25 p.m. EDT, Wellchange Holdings’ stock recovered some ground to trade at $4.22 – up 22 cents from its IPO price – volume of about 1.3 million shares. By the closing bell at 4 p.m. EDT today, Wellchange Holdings’ stock stood at $4.11 – up 11 cents for the day – on volume of 2,315,451 shares.
Dominari Securities and Revere Securities acted as the joint book-runners.
Wellchange Holdings says in the prospectus that its operating subsidiary in Hong Kong “provides cloud-based SaaS platforms and software for small to medium enterprises (SMEs).” SaaS stands for Software as a Service. In Hong Kong, small to medium businesses typically have fewer than 100 employees if they are manufacturing companies and fewer than 50 employees if they are non-manufacturing enterprises. The company is incorporated in the Cayman Islands.
Wellchange Holdings earned net income of about $940,000 on revenue of $2.49 million for the year that ended Dec. 31, 2023, according to financial statements in the prospectus.
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