The IPO Buzz: HK Luxury Watch Dealer Top Win Prices IPO at $4 & Stock Pops
Top Win International (TOPW), the parent of a Hong Kong wholesaler of Rolex watches and other luxury watch brands, priced its small-cap IPO at $4.00 – the bottom of its $4.00-to-$6.00 price range – and sold 2.664 million shares – the number of shares in the prospectus – to raise $10.66 million on Tuesday night, April 1, 2025. Top Win’s stock jumped in its NASDAQ debut today – Wednesday, April 2nd – opening at $4.95 at about 12:02 P.M. EDT. Shares of Top Win quickly climbed to an intraday high at $5.45 – up 36.25 percent from their IPO price – on volume of slightly more than 630,000 shares. Dominari Securities and Revere Securities acted as joint book-runners. The company does business through its Hong Kong operating subsidiary, Top Win International Trading Limited. “We currently offer a selection of over 30 internationally renowned watch brands, including Blancpain, Breguet, Cartier, Chopard, Hermes, IWC, Jaeger, Rolex, Omega, and Longines,” Top Win International said in the prospectus. “We primarily trade watches within the price range of $1,900 to $7,500 with our target customers being middle to high-income earners.” Top Win International is not profitable, according to financial statements in the prospectus. For the 12 months that ended June 30, 2024, Top Win International reported a net loss of about $0.29 million (a net loss of about $290,000) on revenue of $15.23 million, according to the prospectus.
Source: https://www.iposcoop.com/the-ipo-buzz-hk-luxury-watch-dealer-top-win-prices-ipo-at-4-stock-pops/
