Magic Empire Global (MEGL) Stock Skyrockets 2,325% In Market Debut: Details

By Amit Chowdhry ● Aug 5, 2022
  • The stock price of Magic Empire Global (MEGL) skyrocketed by 2,325% in its market debut. These are some details about the stock you should know about.

The stock price of Magic Empire Global (MEGL) skyrocketed by 2,325% in its market debut. Hong Kong-based Magic Empire Global (MEGL) is one of several China or Hong Kong-based companies with a small U.S. listing that saw its price skyrocket in its market debut. MEGL’s stock price climbed as high as 5798.75% during intraday trading and trading was halted several times.

Another stock that recently gained attention this past week was AMTD Digital (HKD). AMTD Digital’s stock price had increased over 10,000% since last month with a 52-week high of $2,555.30 and 52-week low of $12.05

Magic Empire Global – which does business as Giraffe Capital –  is known as a financial services provider in Hong Kong that principally engages in the provision of corporate finance advisory services and underwriting services. And its service offerings mainly comprise of:

1.) IPO sponsorship services; 

2.) Financial advisory and independent financial advisory services; 

3.) Compliance advisory services; and 

4.) Underwriting services. 

Yesterday evening, Magic Empire announced the pricing of its IPO of 5 million ordinary shares at a price of $4 per share. The ordinary shares were approved for listing on The Nasdaq Capital Market and started trading under the ticker symbol “MEGL” today.

Network 1 Financial Securities is acting as sole book runner and lead underwriter for the offering.

MEGL ended up opening at $49.25 and went as high as $235.95 before closing at $97 today.