Malaysian business consulting company VCI Global Ltd. (VCIG) shares shot up 29 percent to open at $5.16 – up $1.16 from their $4.00 IPO price – in their NASDAQ debut at 11:19 a.m. EDT today (Thursday, April 13, 2023). The stock later gave up about half of that gain to trade at $4.57 – up 14.25 percent – at around 11:45 a.m. EDT. VCI Global’s stock ended its first day of NASDAQ trading on a more subdued note – closing at $4.25, up 25 cents for a 6.25 percent gain on the day. (Editor’s Note: This column, published Thursday morning, was updated after VCI Global started trading on the NASDAQ – and updated again after the market’s close.)
VCI Global priced a slimmed-down version of its micro-cap IPO on Wednesday night (April 12, 2023) at $4.00 – the low end of its $4.00-to-$6.00 price range – on 1.28 million shares. At pricing, the number of shares was cut by 300,000 from the 1.6 million shares in the prospectus. VCI Global’s micro-cap IPO raised $5.12 million – down from the estimated proceeds of $8.0 million, which had assumed pricing at the $5.00 mid-point on 1.6 million shares.
Boustead Securities and Sutter Securities were the joint book-runners.
The profitable Malaysian company provides investor relations, boardroom strategy and digital transformation services to its clients.
The British Virgin Islands-incorporated holding company offered the stock in the IPO – and not the underlying Malaysian business.