KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Crypto and fintech listings defy seasonal slowdown, lifting 2025 deal momentum
The IPO market, usually sleepy in August, is running at full tilt as Bullish (BLSH), Miami International Holdings (MIAX), and other high-profile debuts draw strong investor demand — keeping bankers at their desks instead of on holiday.
Bullish Extends Breakout Rally
Bullish — the cryptocurrency exchange and CoinDesk owner — jumped 10.3% Thursday, adding to its 83.8% first-day surge. The rally lifted its market cap to $11.26B, more than double the IPO’s $5.41B valuation. The deal priced above an already raised range, with extra shares sold to meet demand.
Miami International Pops on Debut
Options-trading platform MIAX priced at $23, above its $19–$21 range, raising $345M via J.P. Morgan, Morgan Stanley, and others. Shares opened strong, trading up ~32% to $30.47.
Four-Year High in Summer Activity
August’s hot streak follows record listings for Figma (FIG), strong debuts from Firefly Aerospace (FLY), and June’s above-range pricing for Circle Internet (CRCL).
Finance professor Jay Ritter notes the activity is unusual for August, driven by crypto enthusiasm, regulatory tailwinds like the Genius Act (stablecoin framework), and pent-up IPO demand after 2021’s slowdown.
What’s Next
Upcoming candidates include StubHub Holdings and Klarna Group, both filed but not yet priced. Bankers typically lead with “best-in-class” names to build momentum for more routine listings.
Not all sectors are in vogue — life sciences remain weak.
Market context: Renaissance IPO ETF is up 14.1% YTD vs Nasdaq’s 9.3%.
Bottom Line — With crypto valuations soaring and investors bidding aggressively for top-tier names, the IPO window is wide open — and success is feeding more supply. Wall Street’s summer slowdown? Not this year.
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