Plutus Financial Group (PLUT) shares surged 7.5% in the after-hours trading session on Wednesday, following a successful initial public offering (IPO) debut on the Nasdaq. The Hong Kong-based financial services company priced its IPO at $4 per share, raising $8.4 million in gross proceeds.
The strong stock performance came after PLUT offered 2.1 million shares in the IPO, with an option for underwriters to purchase an additional 315,000 shares. The company plans to utilize the IPO funds to fuel its growth initiatives, including the development of tailored software and applications for various aspects of its business, such as customer services, trading, wealth management, and portfolio construction and monitoring.
Furthermore, PLUT aims to increase its available funding for offering trading facilities solutions to customers, including margin trading and IPO margin financing. The company also intends to expand its customer management and wealth management teams to better serve its client base. Investors appear optimistic about PLUT's prospects, driving the stock higher in its first day of public trading.
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