Treasure Global (NASDAQ:TGL) stock is falling on Friday, but not due to any negative news from the Malaysian e-commerce company.
Instead, TGL stock is settling today after experiencing a more than 300% increase yesterday. That move came alongside the company’s public debut with the launch of its initial public offering (IPO).
Treasure Global’s IPO saw the company offer up 2 million shares of its common stock at a price of $4 per share. The company raised roughly $8 million from the offering prior to underwriting discounts.
The offering also allows underwriters to acquire an additional 300,000 shares of TGL stock at the IPO price. EF Hutton, a division of Benchmark Investments, is the “sole book-running manager for the offering.”
TGL stock didn’t stick around at its IPO price for long. Instead, it soared higher on Thursday, hitting $17.82 per share when the closing bell rang. That’s a massive 345% increase from the debut price.
Trading volume was also over the top yesterday, setting a daily average of 24.4 million shares. Although TGL stock doesn’t quite have that momentum today, it’s worth noting that some 4 million shares have changed hands as of this writing.
The ZCITY App is Treasure Global’s main offering. It allows merchants to set up digital storefronts alongside their brick-and-mortar locations. The goal is to bridge the gap between digital and physical retail in Southeast Asia and Japan.
TGL stock is down 25% as of Friday morning.
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On the date of publication, William White did not hold (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.