Wellchange Holdings Company Limited Completes IPO of 2 Million Shares

Wellchange Holdings Company Limited, an enterprise software solution services provider based in Hong Kong, has successfully completed its initial public offering (IPO) of 2,000,000 ordinary shares, with a par value of US$0.00005 per share. Of these shares, 1,100,000 were offered by the Company and 900,000 by a selling shareholder, at a public offering price of US$4.00 per ordinary share. Trading of the ordinary shares commenced on the Nasdaq Capital Market on October 2, 2024, under the ticker symbol “WCT.”

The Company has received total gross proceeds of US$4.4 million from its share offering, prior to the deduction of underwriting discounts and other associated expenses. Additionally, the Company has granted underwriters a 45-day option to acquire up to 165,000 additional ordinary shares at the public offering price, minus underwriting fees. It is important to note that the Company did not receive any proceeds from the shares sold by the selling shareholder.

The net proceeds from this offering are earmarked for several purposes, including enhancing service capacity through core software technology improvements and expansion of its SaaS platform. The funds will also support marketing and branding initiatives, both offline and online, as well as international expansion efforts, which include establishing operations in the United States and Australia, pursuing strategic mergers and acquisitions, and providing general working capital.

The IPO was executed on a firm commitment basis, with Dominari Securities LLC serving as the lead underwriter and Revere Securities LLC acting as co-underwriter. The Company has engaged Ortoli Rosenstadt LLP as its legal counsel in the U.S., while Hunter Taubman Fischer & Li LLC provides legal counsel to the underwriters.

A registration statement pertaining to the offering was filed with the U.S. Securities and Exchange Commission (SEC) and was declared effective on September 30, 2024. The offering was conducted solely through a prospectus that forms part of this registration statement.

This press release is not an offer to sell or a request for offers to purchase any securities of the Company, nor shall there be any sale of the Company’s securities in any state or jurisdiction where such an offer or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.