Malaysian fintech Starbox stock tumbles 27% after soaring 1,055% in market debut

Aug. 24, 2022 10:47 AM ETSTBXBy: Val Kennedy, SA News Editor

Initial public offering hologram, night panoramic city view of Bangkok. The financial center for multinational corporations in Asia. The concept of boosting the growth by IPO process. Double exposure.

2d illustrations and photos

Newly public Malaysian fintech Starbox (STBX) saw its shares tumble 27% on Wednesday after soaring 1,055% at one point during its market debut on Tuesday.

Shares of Starbox opened at $13.11, hitting a low of $10.65 in early trading before jumping to a high of $15.39 and then sliding. The stock recently changed hands at $11.20 at approximately 10:25 p.m. ET.

Starbox held a $20M initial public offering on Tuesday, offering 5M shares at $4 per share. Shares were priced at the lower end of its previously proposed range of $4 to $5 per share.

The stock soared 1,055% to a session high of $46.21 during its first session on Tuesday before sliding to close at $15.40, up 285% from its IPO price.

The Malaysian company provides cash rebate, digital advertising and payment solution services to micro, small and medium-sized businesses.

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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