11:39 AM EDT, 04/16/2024 (MT Newswires) -- Top Wealth Group ( TWG ) shares surged in their Nasdaq debut Tuesday following its $8 million initial public offering.

The stock recently traded at $4.72, up 18% from the IPO price of $4. The share rose as high as $5.50 after opening at $5.

The Hong Kong-based supplier of luxury caviar products said it plans to use the proceeds for expanding its business, brand promotion and marketing, and general working capital.