Magic Empire Global pops 2,000%+ in market debut

Aug. 05, 2022 4:42 PM ETMagic Empire Global Limited (MEGL)By: Brian Stewart, SA News Editor35 Comments

Large yellow signboard on metal frame with the word IPO

ismagilov/iStock via Getty Images

Magic Empire Global (NASDAQ:MEGL) skyrocketed in its public debut, finishing higher by more than 2,000% on its first day of Nasdaq trading.

The Hong Kong-based financial services provider priced an IPO of 5M shares at $4 a share. The company had expected to price the offering between $4 and $5. This led to gross proceeds of $20M, not taking transaction costs into account.

Following the IPO, the stock opened at $50 and continued to climb from there, at one point reaching a level of $235.95.

Shares proceeded through the day in fits and starts, broken up by a total of 17 trading halts brought on by high volatility. At the close, MEGL finished at $97, an advance of $93 compared to its IPO price. That represented an advance of 2,325%.

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