Solowin Holdings (SWIN), an online brokerage based in Hong Kong, has set terms for a proposed $15M US initial public offering.
The financial services company said in a filing that it was looking at offering 3M ordinary shares priced between $4 and $6 per share, which would raise around $15M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 450K additional shares.
EF Hutton is serving as lead bookrunner. The company hopes to list its stock on Nasdaq under the symbol SWIN.
Incorporated in the Cayman Islands, Solowin operates through a subsidiary in Hong Kong. For the fiscal year ended March 31, 2022, the company reported a net loss of $979K on revenue of $3.3M, according to the filing.
The brokerage first filed for the IPO in early May, indicating it was seeking to raise around $17M.
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