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Hong Kong-based brokerage Solowin cuts share offering by 33% ahead of $13 million US IPO

July 7, 2023

Solowin Holdings, a Hong Kong-based online brokerage and investment advisory firm, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed updated financials for the 2023 fiscal year. 

The Hong Kong, China-based company now plans to raise $13 million by offering 2.5 million shares at a price range of $4 to $6. The company had most recently filed to offer 3.8 million shares at the same range. At the revised deal size, Solowin Holdings will raise -33% less in proceeds than previously anticipated and command a market value of $73 million (-8% vs. most recent terms). 

The company operates through its wholly-owned subsidiary Solomon JFZ, a securities brokerage in Hong Kong that offers various products and services through a one-stop electronic platform. Solomon JFZ primarily provides securities-related services, investment advisory services, corporate finance services, and asset management services. The company's clients are mostly Chinese investors residing in Asia, as well as institutional clients in Hong Kong, Australia, and New Zealand. As of March 31, 2023, Solomon JFZ's platform had more than 20,000 users, including more than 15,400 who also opened trading accounts with the company.

Solowin Holdings was founded in 2017 and booked $4 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol SWIN. EF Hutton is the sole bookrunner on the deal.