Shares of Asia-focused e-commerce company Society Pass Inc. were recently down 22% to $40.49, after surging far above the price of last week’s initial public offering.
On Nov. 8, the IPO of 2.9 million shares priced at $9 each, and the next day, the stock skyrocketed to close at $48.30.
Society Pass operations include the consumer-facing SoPa and Leflair brands and its merchant-facing business includes Hottab.net. The company’s 2020 revenue was $52,453, up from $10,411 in 2019.