Up Fintech Soars 25% on Debut in New York, Priced Above Range
Up Fintech now trades on the Nasdaq Global Select Market under the symbol "TIGR."
Up Fintech Holding Ltd. (Nasdaq: TIGR), which operates an online and mobile platform under the name Tiger Securities, soared 25 percent in its first hours of trading on Wall Street, to $9.97 per share.
The company, which offers brokerage and other trading services, raised $104 million through the sale of 13 million American depositary shares at a price of $8 apiece, above the expected range of between $5 and $7 per share. Each ADS represents 15 Class A ordinary shares.
The rapidly growing company said that during the fourth quarter its revenue nearly doubled year-over-year to $33.6 million in 2018, though the firm's net loss reached $44.3 million compared with a loss of $7.9 million for the prior year.
Up Fintech said it intends to use the proceeds of its offering for general corporate purposes, which may include investments in product and technology research and development, sales and marketing activities, technology infrastructure, and capital expenditures. It also said it is seeking to set up entities and apply for operating licenses in multiple jurisdictions to expand its customer base.
In addition, the firm plans to satisfy the increased capital adequacy requirements pursuant to the New Zealand Stock Exchange or regulators in other jurisdictions, among other things.
Underwriting the deal are Citigroup Global Markets Inc., Deutsche Bank Securities Inc., AMTD Global Markets Ltd., China Merchants Securities (HK) Co. Ltd., and Top Capital Partners Ltd. Underwriters have the right to purchase an additional
The company reported it has received backing from financial and technology giants including Interactive Brokers LLC and Xiaomi Corp.