Mobile Global Esports (NASDAQ:MGAM) stock is rocketing higher on Monday after the company’s successful initial public offering (IPO) last week!
MGAM stock went public on Friday and that debut saw the gaming company’s shares increase more than 150% compared to their IPO price. That movement is continuing today as traders are still pushing shares higher.
The Mobile Global Esports IPO included $1.5 million shares of MGAM stock sold for $4 each. The offering also included an additional 225,000-share option for sole underwriter WestPark Capital at that same price. Also, the IPO will come to a close on Tuesday.
MGAM Stock: What is Mobile Global Esports?
Mobile Global Esports is a company dedicated to growing the esports industry. It was created in March 2021 to handle the esports businesses that Sports Industry of India started in 2016. It’s currently focused on operations in Indian and South Asian markets.
Trading of MGAM stock has been heavy since its IPO. On Friday, the company saw roughly 14.1 million shares of its stock change hands. As for Monday, some 13 million shares are on the move as of this morning.
MGM stock is up 54.6% as of Monday morning. That has the company’s shares trading in the $17 range as of this writing.
Investors seeking out more recent stock market news will want to keep reading!
InvestorPlace has all of the latest stock news that traders need to know about for Monday! That includes this morning’s biggest pre-market stock movers, as well as the latest news concerning shares of SIGA Technologies (NASDAQ:SIGA) and Miniso (NYSE:MNSO) stock. You can read up on all of that news at the following links!
More Monday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
- Why Is SIGA Technologies (SIGA) Stock Plunging 23% Today?
- MNSO Stock Treks Higher as Miniso Responds to Blue Orca Short Report
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.