ismagilov/iStock via Getty Images
Magic Empire Global (NASDAQ:MEGL) skyrocketed in its public debut, finishing higher by more than 2,000% on its first day of Nasdaq trading.
The Hong Kong-based financial services provider priced an IPO of 5M shares at $4 a share. The company had expected to price the offering between $4 and $5. This led to gross proceeds of $20M, not taking transaction costs into account.
Following the IPO, the stock opened at $50 and continued to climb from there, at one point reaching a level of $235.95.
Shares proceeded through the day in fits and starts, broken up by a total of 17 trading halts brought on by high volatility. At the close, MEGL finished at $97, an advance of $93 compared to its IPO price. That represented an advance of 2,325%.