Mobile Global Esports, also known as Mogo, sees stock tumble 25% in wake of $6M IPO

Aug. 03, 2022 12:44 PM ETMobile Global Esports Inc. (MGAM)By: Val Kennedy, SA News Editor

golden phone with IPO stocks purchase app on the screen


Mobile Global Esports (NASDAQ:MGAM) stock fell 25% on its fourth day of trading in the wake of its $6M initial public offering last Friday.

Shares of the India-focused company, also known as Mogo, opened at $7.38, hitting a high of $7.75 in early trading before sliding to a low of $6.26 in late morning. The stock recently changed hands at $6.45, down 25% from Tuesday’s close, at approximately 12:40 p.m. ET.

Mogo went public through a $6M initial public offering on Friday, with the company offering 1.5M shares priced at $4 per share. The stock hit an all-time high on Monday of $20.74, but fell 34% on Tuesday.

The company announced on Tuesday that IPO underwriters had exercised their overallotment option in full, resulting in gross proceeds of $6.9M.

Recommended For You


To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.