Malaysian fintech Treasure Global triples in U.S. debut

Magic Empire Global

11/08/2022 17:53

** Shares of Malaysian e-commerce platform Treasure Global
Inc  TGL.O  skyrockets after pricing upsized IPO
    ** TGL shares trade as high as $13.64 vs $4 IPO price;
Shares last up 119.5% at $8.78 after several halts for
volatility
    ** 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
    ** Just north of 5 mln shares have exchanged hands so far on
the session
    ** 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))