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MOL Global shares down 30% in market debut

MOL Global IPO at the Nasdaq exchange
Source: Nasdaq
MOL Global IPO at the Nasdaq exchange

MOL Global, an online payment company, plunged on the first day of trading, making it the weakest performer among six other firms that went public Thursday.

This is first Malaysian company to debut in the U.S. It is one of the largest internet companies in South East Asia. The company trades under the ticker symbol "MOLG."

MOL's shares opened at $10.75 and touched a low of $8.11, valuing the company at about $705 million. The stock never touched its IPO price till noon trade.

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The company, majority owned by billionaire Vincent Tan, sold 13.5 American Depository shares, six million shares short of the 19.5 shares that was originally planned.

Reuters contributed to this report.