Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Starbox Group Holdings IPO trades lower after being halted again, last up 500%

Published 08/23/2022, 11:19 AM
Updated 08/23/2022, 12:01 PM
© Reuters.  Starbox Group Holdings (STBX) halted again on volatility, last up 900%

Investing.com Staff - Starbox Group Holdings (STBX) traded lower after being halted again on volatility, last at $24/share, up 500%. The company IPO'd today at $4. The company raised $20 million at the IPO pricing, and is priced for a $1.08 billion valuation at $24/share.

Starbox is a service provider of cash rebates, digital advertising, and payment solutions. It is primarily based in Malaysia, per the F-1. It has produced $2.9 million in revenue in the first half of 2022, and $1.2 million in net income, with almost all revenue coming from digital advertising.

The company's IPO spike comes weeks after Magic Empire Global Ltd's (NASDAQ:MEGL) IPO popped to nearly $250 from a $4 opening; that has since faded to trade at $10/share. It also comes amid a backdrop of renewed meme stock trading and thinly traded companies like AMTD Idea Group spiking with no clear fundamental reason in recent weeks.

Check out Investing.com's full IPO Calendar.

(Article updated at 12pm ET, originally published at 11:31 ET).

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.