Large yellow signboard on metal frame with the word IPO

Magic Empire Global (NASDAQ:MEGL) skyrocketed in its public debut, soaring more than 3,000% on its first day trading on the Nasdaq.

The Hong Kong-based financial services provider priced an IPO of 5M shares at $4 a share. The company had expected to price the offering between $4 and $5. This led to gross proceeds of $20M, not taking transaction costs into account.

Following the IPO, the stock opened at $50 and continued to climb from there, at one point reaching a level of $235.95.

As of 2 p.m. ET, the stock was halted due to high volatility — its seventh halt of the day. At that point, shares were trading at $150.72, an advance of more than 3,000% compared to IPO price.

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By admin