Malaysian payments firm Starbox skyrockets after $20 mln IPO

Starbox group

23/08/2022 16:52

** Shares of Starbox Group Holdings Ltd  STBX.O  skyrocket
in digital payments firm's Nasdaq debut
    ** STBX last traded up 552.8% at $26.11 amid several
volatility halts. Stock rises as high as $46.21, valuing co at
roughly $2 bln
    ** Malaysia-based co sold 5 mln shares at $4 with Network 1
Financial Secs as book-running manager for the IPO  urn:newsml:reuters.com:*:nGNX7cyCZC
    ** Co to use net offering proceeds to expand its business
across Southeast Asia, upgrade its software and systems
    ** For six mths ended Mar 31, 2022, co generated rev of $2.9
mln and net income of $1.9 mln. In yr-ago period, it posted rev
of $119k and net loss of $183k, per SEC filing https://www.sec.gov/Archives/edgar/data/1914818/000149315222019912/formf-1a.htm
    ** Starbox IPO comes about two weeks after another Malaysian
fintech Treasure Global Inc  TGL.O  saw its shares pop nearly
350% from their $4 IPO price on debut  urn:newsml:reuters.com:*:nL1N2ZN2HI. TGL on Tues
down 2.0% at $5.29
    ** A string of recent U.S. listings by Hong Kong-based
fintechs, including online brokerage Top Financial Group
 TOP.O , Chinese fintech AMTD Digital  HKD.N  and underwriting
services provider Magic Empire Global Limited  MEGL.O , also
surged in meme-stock-like moves  urn:newsml:reuters.com:*:nL4N2ZK3DE  urn:newsml:reuters.com:*:nL1N2ZH2D3
 urn:newsml:reuters.com:*:nL1N2ZA24V

 (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))