The IPO Buzz: WORK Medical Technology (WOK) & Reitar Logtech (RITR) Raise $16.5 Million Combined

Two small IPOs raised a total of $16.5 million on Thursday night (Aug. 22, 2024) – WORK Medical Technology Group Ltd. (WOK) brought in $8.0 million – and Reitar Logtech Holdings (RITR) took in $8.5 million. Both holding companies are incorporated in the Cayman Islands. Both IPOs are expected to start trading today – Friday, Aug. 23, 2024 –  on the NASDAQ – on a day when Wall Street is focused on what Federal Reserve Chairman Jerome Powell will say at the Fed’s annual gathering in Jackson Hole, Wyoming. At 10 a.m. EDT today, Powell said the Fed is ready to cut interest rates, confident that inflation is easing to normal levels and wary of any more slowing in the job market, according to The Washington Post. He did not give a timeline. Powell’s remarks set off a huge rally in the U.S. stock market, with the Dow jumping 348.84 points, or 0.86 percent, to 41,061.62, while the NASDAQ surged 291.55 points, or 1.65 percent, to 17,910.90, and the S&P 500 climbed 64.48 points, or 1.16 percent, to 5,635.32. Here are the details on the small IPOs expected to start trading today:

• WORK Medical Technology Group Ltd. (WOK) priced 2.0 million shares at $4.00 to raise $8.0 million. Kingswood Capital was the sole book-runner. The holding company, incorporated in the Cayman Islands, sold the stock in the IPO. The underlying business, based in China, sells disposable Class I and Class II medical devices: Face masks and breathing tubes for patients undergoing surgery are among their products sold to hospitals, pharmacies and other medical care providers in China and internationally, according to the prospectus. Financial Snapshot: Net income of $1.6 million on revenue of $9.86 million for the 12 months that ended March 31, 2024
• Reitar Logtech Holdings (RITR) priced 2.13 million shares (2,125,000 shares) at $4.00 to raise $8.5 million. Cathay Securities was the sole book-runner. The company, based in Hong Kong, described its business as one of the first movers into the PLT – property plus logistics technology – industry in Hong Kong, according to the prospectus. Financial Snapshot: Net income of $8.14 million on revenue of $14.39 million for the 12 months that ended Sept. 30, 2023

Stay tuned. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)   Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.