Malaysian fintech STBX stock soars over 1,000% in market debut

In one of the more incredible opening days for a new IPO, $Starbox Group(STBX.US)$ officially has debuted with a bang. Today, STBX stock opened at $27 per share, an incredible 575% premium to its original listing price of $4 per share. In fact, this stock was a 11-bagger intraday, hitting a high of more than $46  before declining toward the $12 range at the time of writing.
This move follows other similar incredible IPO launches in recent weeks. $Magic Empire Global(MEGL.US)$ is perhaps the most notable example of a company that went parabolic following its initial public offering. This stock surged from a listing price around $4 per share to nearly $250 before falling back to earth. It appears speculators are looking for new, thinly listed trades.
Starbox’s IPO appears to be aimed at dedicating these proceeds to expanding the company’s services to other countries in Southeast Asia. It’s a big market, and there are some fundamental growth drivers investors are clearly considering.