Malaysian payments firm Starbox skyrockets after $20 mln IPO

Starbox group

23/08/2022 17:14

(Updates, adds GigaCloud Technology IPO to last bullet)
    ** Shares of Starbox Group Holdings Ltd  STBX.O  skyrocket
in digital payments firm's Nasdaq debut
    ** STBX last traded up 388.5% at $19.54 on ~2.2 mln shares
of volume so far 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 2.9% at $5.25
    ** A string of recent U.S. listings by Hong Kong-based
fintechs, including JD.com-backed e-commerce firm GigaCloud
Technology Inc  GCT.O , online brokerage Top Financial Group
 TOP.O , Chinese fintech AMTD Digital  HKD.N  and underwriting
services provider Magic Empire Global  MEGL.O , also surged in
meme-stock-like moves  urn:newsml:reuters.com:*:nL1N2ZY1AE  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))