financial services company Worldwide magic empire DELG held its initial public offering (IPO) last week and shares have soared more than 100% since its opening price.

This is a significant increase from its initial IPO price. Here’s what happened and what could be next.

Magic Empire Global IPO: Magic Empire Global went public on August 5 after selling 5 million shares at a price of $4. The company raised $20 million in its IPO before expenses. Network 1 Financial Services was the sole book runner and lead underwriter during the IPO.

Shares opened Friday at $50, up significantly from the IPO price of $4. The shares only fell slightly below their opening price once they hit $49.25, otherwise it was clear they were moving higher. The shares hit a high of $235.95 on their debut and closed at $97.

Magic Empire shares rose again on Monday and now have a trading range of $49.25 to $249.94 since their IPO.

What the company does: Operating as a financial services provider in Hong Kong, Magic Empire Global mainly operates with four business segments, including IPO sponsorship services; financial advisory services; compliance advisory services; and underwriting services.

Since 2016, the company has completed eight IPOs of which it was the sole sponsor. In 2020 and 2021, the company was involved in six IPO sponsorships, 31 financial advisory projects, 24 compliance advisory projects and three underwriting projects.

The company operates as Giraffe Capitalwhich offers this description on its website.

“Different from other sponsors, we care about the long-term development of our clients and strive to provide them with tailor-made and long-term business financial services,” the website says.

In 2021, Magic Empire recorded revenue of $631,770 from financial advisory services, $662,623 from compliance advisory services, and $868,634 from IPO sponsorship services. The company’s total revenue was $2.2 million in 2021. The company also reported net income of $202,398 in 2021.

See also: If you invested $1,000 in AMDD Digital’s IPO, here’s how much you’d have now

And after: The company is focused on expanding its business after its IPO. The company considers the following as its main growth strategies:

Continue to strengthen our corporate finance advisory business in Hong Kong

Expand our presence in other international financial markets, particularly in the United States

Developing our asset management business

Promote our brand

To determine what might happen to Magic Empire Global shares in the coming weeks, investors could look AMTD Digital Inc HKD. The digital solutions company from Asia also operates in the financial services market, hails from Asia and had a low-float IPO.

The combination helped shares of AMDD Digital soar after pricing 16 million US Depository Shares (ADS) at a price of $7.80. Shares of AMDD Digital hit a high of $2,555.30 and saw one of the largest one-month increases in the stock price in recent history.

AMDD Digital’s shares have traded between $12.05 and $2,555.30 since their IPO. Shares of the stock are now trading between $500 and $600 on Monday and have fallen in recent days.

As the story fades on Magic Empire and its hot IPO, investors might look for the next low-float IPO and exit their investment in Magic Empire. There could also be more shares coming to market in the future if the underwriter is awarded additional shares and the company proceeds with share offerings in the future given its increased value.

MEGL Price Action: Magic Empire shares rose 35% to $131.30 on Monday. Shares hit a daily high of $249.94 earlier in the trading session.