Treasure Global stock plunges 49% after rocketing 346% in market debut

Prykhodov

Newly public Treasure Global (NASDAQ:TGL) stock plunged 49% in morning trading Friday after soaring 346% following its market debut on Thursday.

Shares of the Malaysian e-commerce platform opened at $13.21, hitting a high of $15.80 in early trading before sliding to a low of $9.13 mid-morning. The stock recently changed hands at $9.05 at approximately 10:30 a.m. ET.

Treasure Global held an $8M initial public offering on Thursday, pricing 2M shares at $4 per share. The stock rocketed 346% to close at $17.82.

The IPO was slightly upsized from a previous proposal. On Aug. 1, Treasure Global said in a filing that it was looking to offer 1.5M shares priced between $4 and $6, which would have raised around $7.5M if priced at the midpoint.

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