MasterBeef Stock Falls After $8M IPO But Catches Retail Investors' Fancy
Synopsis
Hong Kong-based restaurant chain was founded in 2019 and is popular for its Taiwanese hotpot and barbecue.
Shares of MasterBeef Group (MB) have slid since the company's $8-million initial public offering (IPO) last week. However, interest among retail investors is rising.
The Hong Kong-based restaurant chain listed on the Nasdaq on Thursday.
After it set the IPO price at the lower end of the band at $4, the stock gained a mere 2.5% on the opening day. It fell 22% to $3.20 on Friday.
However, retail chatter about the stock on Stocktwits jumped 23.5% in the past 24 hours, according to Stocktwits data.
The number of users who have added the stock to their watchlist jumped 10.2% in the past week.
On the platform, retail sentiment jumped a few notches higher in the 'bullish' territory.
One user said the stock could rise to $5 or $5.5 if it breaches the $4.5 level.
Another said that MasterBeef's hotpot is "very famous in Asia," and the restaurants are always packed, and signaled their intent to buy more shares if they dip further.
MasterBeef specializes in Taiwanese hotpot and barbecue. Founded in 2019, the company has gained popularity for its authentic Taiwanese meals at affordable prices, which attract both locals and tourists.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
Stay updated with all the latest Business News, including market trends, Share Market News, stock updates, taxation, IPOs, banking, finance, real estate, savings, and investments. Track daily Gold Price changes, updates on DA Hike, and the latest developments on the 8th Pay Commission. Get in-depth analysis, expert opinions, and real-time updates to make informed financial decisions. Download the Asianet News Official App from the Android Play Store and iPhone App Store to stay ahead in business.