To the moon and beyond: Starbox Group Holdings Limited (STBX) surged to $27.00 – up $23.00 from its $4.00 IPO price for a gain of 575 percent – in its opening trade at 10:52 a.m. EDT today (Tuesday, Aug. 23, 2022) on the NASDAQ, according to NASDAQ records. That’s more than a moonshot. (When a stock doubles its IPO price with a gain of 100 percent, it goes into the books as a moonshot.) By late Tuesday morning at around 11:24 a.m. EDT, Starbox was trading at $37.81 – up $33.81 for a gain of 845.25 percent on volume of 914,108 shares. Starbox Group’s stock closed Tuesday on NASDAQ at $15.40 – up $11.40 or 285 percent from its IPO price – on volume of 22.1 million shares. (Editor’s Note: This column, initially published online Monday night, Aug. 22, 2022, was updated Tuesday, Aug. 23, 2022, with news on Starbox Group’s NASDAQ debut.)
Starbox Group Holdings Limited (STBX proposed), the Malaysian payment company, priced its IPO on Monday night (Aug. 22, 2022) at $4.00 – the low end of its $4.00-to-$5.00 price range – on 5.0 million shares to raise $20 million.
Network 1 Financial Securities was the sole book-runner of the Starbox IPO.
This is the second Malaysian payments company to go public this month.
Treasure Global, Inc. (TGL) upsized its small-cap IPO at pricing on Aug. 10, 2022, to 2 million shares and priced the deal at $4.00, the low end of its range. In its NASDAQ debut on Aug. 11, 2022, Treasure Global’s stock surged 345.5 percent to close at $17.82 on its first day of trading. Since then, Treasure Global has cooled off; the stock closed on Monday at $5.40, up $1.40 or 35 percent from its IPO price.
EF Hutton was the sole book-runner of Treasure Global’s IPO.
Starbox, based in Kuala Lumpur, connects small to medium-size retail merchants with shoppers to facilitate transactions through merchants’ cash rebates, provide digital advertising services to advertisers, and supply payment services to merchants. The company operates through its subsidiaries in Malaysia.
IPO investors liked Starbox Group’s profitability. The company reported net income of $1.45 million on revenue of $3.17 million for 2021.
An 8-Deal Week
Looking ahead, this week’s IPO Calendar shows seven other deals – six IPOs and a SPAC IPO. Bankers expect to raise about $150.2 million from this week’s roster of eight deals, including Starbox Group’s $20 million in IPO proceeds.
Next week: The IPO Calendar is blank for the week of Aug. 29, 2022, as August fades out and flows into the start of the long Labor Day holiday weekend.
Updated SEC filings of some IPOs run by big banks are creating a slight stir in the IPO pipeline – giving hope that some larger deals may get launched after Labor Day.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
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Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums), is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.