Waton Financial Soars Nearly 400% On Market Debut, Ignites Early Bullish Retail Buzz

Waton Financial (WTF) drew retail attention on Wednesday after a near fivefold jump in its first day of trading on Tuesday.

The company, among the top two trending tickers on Stocktwits, had priced its initial public offering at $4 per share. However, the stock closed at $19.85 on Tuesday, a nearly fivefold jump from its offering price.

The gross proceeds to the company from the IPO were about $17.5 million before deductions.

Hong Kong-based Waton said that Cathay Securities represented the underwriters for the offering, with Dominari Securities acting as co-underwriter.

In addition, the company also granted the underwriters of the offering a 45-day option to buy up to an additional 656,250 ordinary shares at the IPO price.

Waton provides securities brokerage and financial technology services, primarily through its Hong Kong units, Waton Securities International and Waton Technology International.

The stock has already gained over 2,000 followers on Stocktwits at the time of writing.

Waton stock was down about 25% in pre-market trade on Wednesday.

One bullish trader said it would not be surprising if the stock bounced back and reached between $20 and $22 by 7 a.m. ET.  

Another retail trader expected the stock to rise again on Wednesday and said it has the potential to make a “10x” jump like Newsmax.

Wall Street has seen several big-ticket IPOs over the past few days. 

While conservative TV news network Newsmax has seen a 2,230% jump over its IPO price in two days, cloud computing platform CoreWeave ended Friday’s debut session flat at the IPO price of $40 before making gains on Tuesday.

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