Malaysian fintech Starbox Group stock soars over 1,000% in market debut

Aug. 23, 2022 12:43 PM ETStarbox Group Holdings Ltd. (STBX)By: Val Kennedy, SA News Editor4 Comments

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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”.

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