Top Win International Ltd. stock had a volatile Wednesday on its first trading day after pricing its initial public offering at $4 per share.

What To Know: The Hong Kong-based luxury watch distributor announced the pricing of its IPO, offering 2,664,000 ordinary shares, raising approximately $10.6 million before underwriting discounts and expenses. The stock began trading on April 2, 2025, on the Nasdaq Capital Market under the ticker symbol “TOPW.”

The offering is expected to close on April 3, 2025, pending standard closing conditions. Underwriters have been granted a 45-day option to purchase an additional 399,600 shares at the IPO price, potentially increasing the total funds raised. Dominari Securities LLC is acting as the lead underwriter, with Revere Securities LLC as the co-underwriter.

Top Win plans to use the net proceeds to expand brand marketing, grow its sales team across Southeast Asia, diversify its inventory and for general corporate purposes. The company specializes in the trading, distribution and retail of international luxury watches, operating in a highly competitive market.

Despite the early price increase, investors will be watching how the company executes its growth strategy and whether demand for luxury watches remains strong. The stock's movement in the coming days will provide a clearer picture of investor sentiment following its debut on the public markets.

TOPW Price Action: Top Win shares closed down 4.25% at $3.83 at publication Wednesday, according to Benzinga Pro.

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