IPO - Garden Stage Ltd

Form Type: 424B5

Filing Date: 2025-06-18

Corporate Action: Ipo

Type: New

Accession Number: 000121390025055652

Filing Summary: On June 18, 2025, Garden Stage Limited is offering up to 6,100,000 Ordinary Shares at a price of $0.60 per share. The offering is self-underwritten and targeted towards select investors. The Ordinary Shares are traded on the Nasdaq Capital Market under the symbol 'GSIW'. As of June 17, 2025, the closing price was $1.48 per share. The company is incorporated in the Cayman Islands and operates through subsidiaries in Hong Kong. There are significant risks associated with the offering, particularly regarding regulatory challenges posed by the PRC government and potential non-compliance with future regulations related to overseas listings. The document outlines the company's financials, risk factors, and operational structure, emphasizing risks linked to its holding company nature and absence of direct ownership in its operating subsidiaries. The market value of the company's outstanding shares is around $29.4 million.

Form Type: 424B5

Filing Date: 2025-04-08

Corporate Action: Ipo

Type: New

Accession Number: 000121390025029844

Filing Summary: Garden Stage Limited is conducting a self-underwritten offering of 4,806,450 ordinary shares at an offering price of $0.31 per share. The company's ordinary shares are traded on the Nasdaq Capital Market under the symbol GSIW. As of April 7, 2025, the closing price of the ordinary shares was $0.40, indicating significant price volatility and a market value held by non-affiliates of approximately $2,394,768. The company remains cautious about the PRC government’s possible intervention, highlighting risks associated with its structure as a holding company incorporated in the Cayman Islands, relying on subsidiaries in Hong Kong. No dividends have been declared or distributions made to shareholders up until this date. The expected delivery of the shares from this offering will occur on April 8, 2025, subject to customary closing conditions.