Prestige Wealth Management (PWM) Stock Is Ripping Higher: What's Going On?

Prestige Wealth, Inc. PWM shares are blasting off and have resumed normal trading after being halted to the upside on Friday.

What To Know:

PWM launched its initial public offering (IPO) of 1,000,000 ordinary shares at a  price of $5.00 per ordinary share on Thursday. Prestige intends to use the proceeds from the IPO for brand promotion, the expansion of products and services, additional client relationship management and employees as well as general working capital.

PWM stock reached a high price of $13.41 during premarket trading on Friday morning and is currently trading over 70% higher during the regular trading session.

Prestige is a wealth and asset management services provider based in Hong Kong focused on mainly high net worth and ultra-high net worth individuals.

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PWN Price Action: According to Benzinga Pro, Prestige shares are trading over 70% higher at $9.20 at the time of publication. 

Image: Maklay62 from Pixabay