Shares of 3 E Network Technology Group Limited (MASK) plummeted 12.50% intraday on Wednesday, following the company's initial public offering (IPO) pricing announcement.

The company priced its IPO at $4 per share, offering 1.25 million Class A shares to raise approximately $5 million in gross proceeds. The underwriters were granted an option to purchase an additional 187,500 shares within 45 days.

The proceeds from the IPO are expected to be used for expanding current businesses, general working capital, research and development projects, and talent development, according to the company's statement.