Prestige Wealth Initial Public Offering Priced at Low End of Views >PWM

By Colin Kellaher

Prestige Wealth on Thursday said its initial public offering of 1 million shares was priced at $5 apiece, at the low end of an expected range of $5 to $6.

The Hong Kong-based provider of wealth- and asset-management services said it expects gross proceeds of $5 million, adding that it granted the underwriters a 45-day option to buy up to an additional 150,000 shares.

Prestige Wealth shares are slated to begin trading Thursday on the Nasdaq Capital Market under the symbol PWM.

Write to Colin Kellaher at [email protected]

Mike Wilson, Morgan Stanley’s chief U.S. equity strategist, has been a skeptic but his Monday research note had a more upbeat tone.

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