iOThree Limited (IOTR), a maritime digital technology provider, saw its shares continue to decline in after-hours trading, plummeting an additional 6.20% following a disappointing market debut. The extended sell-off comes after the stock had already suffered a 10% drop during its first day of trading on Thursday, reflecting investor skepticism about the company's valuation and growth prospects.

The poor performance stems from iOThree's initial public offering (IPO), which was priced at $4 per share. The company offered a total of 2.1 million ordinary shares, with expectations to raise gross proceeds of $6.6 million from its own share sales. However, this pricing and the amount raised seem to have fallen short of investor expectations, particularly given the competitive nature of the technology sector.

Analysts suggest that the continued decline in after-hours trading indicates ongoing concerns about iOThree's valuation and its ability to execute its growth strategy. The company plans to use the IPO proceeds to further develop its Jarviss platform and for marketing efforts. However, some market participants appear to view the raised capital as insufficient for these ambitious plans. As iOThree navigates its early days as a public company, all eyes will be on its ability to recover from this initial setback and demonstrate the value of its maritime digital technology solutions in the coming weeks.