The trajectory of RichTech Digital Berhad's stock performance has indeed raised eyebrows. After an extraordinary oversubscription rate of 245.42 times during its initial public offering (IPO) at RM0.25 per share, the stock debuted on February 17, 2025, opening at RM0.75—a 200% premium. It peaked intraday at RM0.765 before closing at RM0.32, up 28% from the IPO price. However, the subsequent decline to RM0.19 within two months is concerning.

Several factors might explain this volatility:

Specul