Plutus Financial Group Limited (PLUT) rallied 5% in its intraday trading debut on Wednesday, soaring on the heels of a successful $8.4 million initial public offering (IPO) that saw the Hong Kong-based financial services company selling 2.1 million shares at $4 apiece.

The newly listed firm plans to use the IPO proceeds to bolster its operations and growth initiatives. A significant portion of the funds will be allocated towards developing tailored software and applications for various aspects of its business, including customer services, trading, wealth management, and portfolio construction and monitoring.

Additionally, Plutus Financial aims to increase its available funding for offering trading facilities solutions to customers, such as 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.