Newly public Mobile Global Esports (NASDAQ:MGAM) stock rallied 60% during its second day of trading on Monday.
Shares of the India-focused esports company opened at $16.30, hitting a high of $20.74 in early trading. The stock recently changed hands at $18.04, up 60% from the prior close, at approximately 11:00 a.m. ET.
Mobile Global Esports went public through a $6M initial public offering on Friday. The company offered 1.5M shares priced at $4 per share, with the stock closing its debut session at $11.19.
Headquartered in San Clemente, California, Mobile Global Esports (MGAM) is focused on the esports market in India. The company had not reported income from operations and had no significant revenue-generating operations as of March 31, 2022.
Mobile Global Esports, which is also known as Mogo, has said it plans to use proceeds from the deal to grow operations in India and other Southeast Asian countries. The company was established to expand the esports business started by US-based Sports Industry of India.
Image and article originally from seekingalpha.com. Read the original article here.