Waton Financial Ltd. shares skyrocketed 396% on its first trading day on Tuesday, closing at $19.85 after pricing its IPO at $4 per share.

The Hong Kong-based financial services company raised approximately $17.5 million by offering 4.375 million ordinary shares in a firm commitment offering led by Cathay Securities, Inc.

WTF provides securities brokerage and financial technology services through its Hong Kong subsidiaries. Trading began Apr. 1 on the Nasdaq Capital Market, with closing expected Apr. 2, subject to conditions. After-hours trading showed a 28% pullback to $14.31.

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