Why Shares of Starbox Group Holdings Are Falling Today
Shares of the Malaysian digital advertising and payments company Starbox Group Holdings (NASDAQ: STBX) traded more than 21% lower as of 11:48 a.m. ET today for no obvious reason, although the stock has traded with lots of volatility since going public last week.
The digital advertising and payments solutions business listed 5 million shares at $4 per share for a total offering of $20 million. On the day of its initial public offering, shares of Starbox soared to a high of $46.21 before dropping back down later in the day. After the decline today, shares of Starbox are back trading just above $5, as of this writing.
Other small Asian IPOs such as AMTD Digital and Magic Empire Global Limited experienced a similar phenomenon when they went public earlier this year.
Source Fool.com
