Malaysian fintech Treasure Global soars >300% in U.S. debut

Magic Empire Global

11/08/2022 21:20

(Updates to market close)
    ** Shares of Malaysian e-commerce platform Treasure Global
Inc  TGL.O  soar in debut after upsized IPO pricing
    ** TGL shares trade as high as $19.80 on Thurs amid multiple
volatility halts; they finish session at $17.82, up 345.5% from
$4 IPO price
    ** About 23 mln shares exchanged hands: VWAP
(volume-weighted avg price) was $13.59, per Refinitiv
     ** Co sold 2 mln shares, up from planned 1.5 mln, bottom of
$4-$6 range  urn:newsml:reuters.com:*:nGNX5sZTf2
    ** Its e-payment application, ZCITY App, launched in
Malaysia in June 2020; The app as of July 31, 2022 had over 2
mln registered users and about 2,000 registered merchants, per
SEC filing https://www.sec.gov/Archives/edgar/data/1905956/000157587222000699/cm138_s1a.htm
    ** TGL has roughly 16 mln shares outstanding after the
offering
    ** EF Hutton, division of Benchmark Investments, sole
bookrunner for the IPO
    ** Offering follows recent U.S. debuts of Hong Kong-based
fintech firms AMTD Digital  HKD.N  and Magic Empire Global
Limited  MEGL.O  that notched eye-popping gains hearkening back
to last year's meme-stock frenzy  urn:newsml:reuters.com:*:nL4N2ZL3EE

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))