Malaysian e-commerce platform Treasure Global (NASDAQ:TGL) saw its stock soar 144% in midday trading Thursday following its $8M initial public offering.
Shares of Treasure Global, which is based in New York, opened at $6.69, hitting a low of $4.55 in late morning before jumping to a high of $13.64 in early afternoon. The stock recently changed hands at $9.74 at approximately 1:05 p.m. ET.
Treasure Global offered 2M shares priced at $4 per share. Underwriters were granted a 45-day option to buy up to 300K additional shares at the public price.
The IPO was slightly upsized from a previous proposal. On Aug. 1, Treasure Global said in a filing that it was looking to offer 1.5M shares priced between $4 and $6, which would have raised around $7.5M if priced at the midpoint.
Image and article originally from seekingalpha.com. Read the original article here.