Miguel Cordon · · 2 min readVCI Global’s stock ends first trading day up 6.25%
The Kuala Lumpur cityscape / Photo credit: Wikicommons
Stocks of VCI Global, a business and technology consulting firm based in Malaysia, jumped by as much as 18% in its first day of trading on the Nasdaq on April 13.
It ended the day at US$4.25, up 6.25% from its listing price of US$4. The company offered 1.3 million shares in its financial debut.
Founded in 2013, VCI Global provides investor relations and public relations services to its clients from Malaysia, China, Singapore, and the US. The firm’s expertise lies in the business, tech, and marketing domains for industries such as real estate, ecommerce, and fintech.
In March, VCI Global said it was aiming to offer 1.6 million shares at a price between US$4 and US$6. In 2022, the company planned to sell 5 million shares in the same price range – a deal that would have netted the company US$15 million at the midpoint.
But it had to scale back the IPO after working closely with Nasdaq to follow the exchange’s listing requirements, Victor Hoo, the firm’s global founder and group executive chair told Tech in Asia.
VCI Global will use the proceeds from the IPO for general working capital, business and team expansion, and industry-focused acquisitions.
Amid a slowdown in global IPOs due to factors like rising interest rates and growing inflation, a recent report from Ernst & Young found that Southeast Asia remains a bright spot for public offerings, especially Indonesia.
Editing by Thu Huong Le and Eileen C. Ang
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