Malaysia-based fintech Starbox Group (NASDAQ:STBX) saw its shares soar as high as 1,055% on Tuesday in the wake of its $20M initial public offering.
Shares of Starbox opened at $27, rocketing to a high of $46.21 before dropping to a low of $15.60 around noon. The stock recently changed hands at $18.68, up 367% from its IPO price, at approximately 12:20 p.m. ET.
Starbox offered 5M shares priced at $4 per share, raising around $20M. The company provides cash rebate, digital advertising and payment solution services to micro, small and medium-sized businesses.
Shares were priced at the lower end of its previously proposed range of $4 to $5 per share.
For a more in-depth look at Starbox, check out SA contributor Donovan Jones’s “Starbox Group Holdings Aims for $23 Million US IPO”.