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”.