The IPO Buzz: Treasure Global Flies after NASDAQ Back in the Bull Zone

Malaysian payment app Treasure Global Inc. (TGL) shares skyrocketed to close at $17.82 – up 345.50 percent from their $4.00 IPO price – in their NASDAQ debut on Thursday (Aug. 11, 2022). Treasure Global priced its small-cap IPO at the low end of its range and upsized the deal to 2 million shares on Wednesday night (Aug. 10, 2022) – just hours after the NASDAQ kicked up its heels to dance with the bulls again. Treasure Global’s $8 million IPO led a handful of Wednesday night pricings – a Chinese SPAC IPO and a tiny uplisting by the U.S. parent of a Taiwanese company.

Tonight’s IPO pricing roster includes five deals – four small-cap IPOs and a tiny public offering in connection with an NYSE-American uplisting. (For details, please see our IPO Calendar.)

The NASDAQ’s exit from a bear market on Wednesday is the key to a recovery in the IPO market.

A milder-than-expected July CPI reading was the catalyst for Wednesday’s rally in the stock market, with the NASDAQ gaining 2.9 percent to enter a new bull market, according to The Wall Street Journal. With inflation retreating from a 40-year high, investors believe that the Federal Reserve’s anticipated rate increase in September is more likely to be 50 basis points instead of 75.

Today’s milder-than-expected July PPI reading reflected lower energy costs and helped push the major U.S. stock indexes higher for the second day.

By midday on Thursday, stocks gave up their early gains. The Dow held a slim gain at the close while the NASDAQ and the S&P 500 edged lower for the day. The NASDAQ is still down 18 percent for the year.

IPO investors seemed more inclined to venture cautiously back into the market. The IPO Calendar is still dominated by small-cap deals in what is traditionally a slow time of year.

Treasure Global, Inc. provides a Malaysian payment app ZCITY that gives its 1.1 million registered users rebates, rewards and discounts for online and offline purchases as well as for utility bill payments.

Shares of Treasure Global opened at $6.69, up $2.69 or 67.25 percent from their IPO price. Shortly after 3 p.m. EDT, Treasure Global’s stock hits its intraday high above $19.00. Volume was 21.66 million shares.

EF Hutton was the sole book-runner of Treasure Global’s IPO.

Hainan Manaslu Acquisition Corp. (HMACU) shares ended flat at $10.00 on the NASDAQ today (Thursday, Aug. 11, 2022). The Chinese SPAC’s stock opened at $10.01 and traded as high as $10.02 on volume of 2.9 million shares.

Hainan Manaslu Acquisition Corp. (HMACU) – a SPAC IPO of 6 million units at $10 each – was priced Wednesday night. Ladenburg Thalman was the sole book-runner for the Chinese SPAC’s IPO. This was the second SPAC IPO priced this week.

Embrace Change Acquisition Corp. (EMCGU) – 6.5 million units at $10 each – was priced Tuesday night (Aug. 9, 2022). EF Hutton was the sole book-runner.

Shares of Embrace Change Acquisition opened Wednesday (Aug. 10, 2022) at $10.05 in their NASDAQ debut, hit an intraday high at $10.07 and closed at $10.03. Volume was 3.95 million shares. On Thursday – Embrace Change Acquisition’s second day as a publicly traded company – its stock opened flat at $10.03, hit an intraday high at $10.05, and ebbed a bit to close at $10.03.

Tonight’s IPO pricing line-up of small-cap IPOs includes Forza X1 (FRZA proposed), an electric boat start-up, and PaxMedica (PXMD proposed), a biotech developing a treatment for the symptoms of autism spectrum disorder.

Stay tuned.

(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on’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: then scroll down to IPO Message. 

Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

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 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.