Treasure Global (TGL) stock price after Nasdaq IPO
The past few weeks have offered investors something like buried treasure in the form of two Hong Kong-based financial firms. Magic Empire Global and AMTD Digital recently went public and subsequently saw their stock values skyrocket, earning some traders a good return. But many hungry investors, who may have missed the rise of Magic Empire and AMTD, are wondering: when will the next vein of gold appear?
It could arrive today, as Treasure Global Inc., a Malaysia-based e-commerce company, IPOs, with shares set to begin trading on the Nasdaq under the symbol “TGL”. Two million shares will hit the market and will initially be priced at $4. Treasure Global is trying to marry online commerce with brick-and-mortar retailers, and it has an app, called Zcity, that shoppers can use to find deals, get discounts, and more, according to its prospectus. It is also working on a new platform for food and beverage businesses, called Tazte, which can help streamline restaurant operations and process payments, among other things.
These aren’t exactly groundbreaking products and services, but neither are the services offered by Magic Empire or AMTD. So, while it’s just speculation at this point, it’s worth wondering if the company’s stock might show up in the days or weeks ahead. It also fits the relative profile of Magic Empire and AMTD in another key way: the three are all rather obscure Asia-based companies with relatively cheap stock prices. Or, at least, stock prices were cheap when they first went public.
As such, Treasure Global could serve as a new bucket of friends for meme stock traders, or harbingers of market chaos on message boards like Reddit’s WallStreetBets, who have been busy over the past week doing drive up shares of Bed Bath & Beyond.
AMTD and Magic Empire have both caught the attention of WallStreetBets, and likely other message board-based traders, as mentions of both stocks have increased over the past two weeks, according to data from Quiver Quantitative. The attention of WallStreetBetters, and others, was likely the driving force behind the rise in value of their shares.
“It’s likely that some aggressive retail investors will push this stock via message boards (similar to GameStop and AMC last year),” Greg Martin, Founder and CEO of Liquid Stock and Chief Executive of Archer, said recently. Venture Capital. fast business.
Treasure Global’s stock began trading shortly after 10:30 a.m. ET on Thursday, and while there have been crickets about the stock on WallStreetBets so far, trading has been slow. stopped almost immediately as an influx of buy orders sent the stock immediately above $7 per share. As of 11 a.m. ET, shares were trading above $9, a 130% increase.