Starbox Group Holdings IPO trades lower after being halted again, last up 500%
2022.08.23 20:01
Starbox Group Holdings (STBX) halted again on volatility, last up 900%
Investing.com Staff – Starbox Group Holdings (STBX) traded lower after being halted again on volatility, last at $24/share, up 500%. The company IPO’d today at $4. The company raised $20 million at the IPO pricing, and is priced for a $1.08 billion valuation at $24/share.
Starbox is a service provider of cash rebates, digital advertising, and payment solutions. It is primarily based in Malaysia, per the F-1. It has produced $2.9 million in revenue in the first half of 2022, and $1.2 million in net income, with almost all revenue coming from digital advertising.
The company’s IPO spike comes weeks after Magic Empire Global Ltd’s (NASDAQ:MEGL) IPO popped to nearly $250 from a $4 opening; that has since faded to trade at $10/share. It also comes amid a backdrop of renewed meme stock trading and thinly traded companies like AMTD Idea Group spiking with no clear fundamental reason in recent weeks.
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(Article updated at 12pm ET, originally published at 11:31 ET).
