Shares of iOThree Limited (IOTR) plummeted 10% in its market debut on Thursday, following the company's announcement of its initial public offering (IPO) pricing. The maritime digital technology provider priced its IPO at $4 per share, which appears to have disappointed investors, leading to a significant sell-off during the stock's first trading session.

The company offered a total of 2.1 million ordinary shares, with approximately 1.7 million shares coming from the company itself and the remainder from selling shareholders. iOThree expects to raise gross proceeds of $6.6 million from its portion of the sales, which it plans to use for further development of its Jarviss platform, marketing efforts, and general corporate purposes.

Despite the negative market reaction, iOThree's successful listing on the Nasdaq under the ticker 'IOTR' marks a significant milestone for the company. The offering is expected to close on Friday, and the underwriters have been granted a 45-day option to purchase up to an additional 247,500 shares to cover over-allotments. As the stock continues to trade, investors will be closely watching to see if iOThree can recover from its initial setback and demonstrate the value of its maritime digital technology solutions.