Shares of Founder Group Ltd (FGL), a Malaysian engineering and construction company specializing in solar PV facilities, plummeted by 22.48% in their trading debut on the Nasdaq Capital Market on October 23rd, 2024.

The sharp decline came just a day after Founder Group priced its initial public offering (IPO) at $4 per share, raising $4.9 million in gross proceeds. However, the stock opened at $5 on its first trading day and quickly fell to $3.35, a decline of over 16% from the opening price.

While no specific reasons were provided for the steep drop, analysts attribute the sell-off to investor concerns and disappointment surrounding the company's relatively small IPO size and limited public float. Founder Group's IPO marked a modest entry into the U.S. public markets, and the lack of significant investor interest could have contributed to the lackluster trading debut.