WF Holding Ltd. (WFF), a Malaysia-based fiberglass reinforced plastic manufacturer, saw its shares plummet 7.81% in intraday trading on Thursday, marking a disappointing debut on the Nasdaq. The significant drop came after the company's initial public offering (IPO) failed to gain traction with investors.
The company had priced its IPO at $4 per share, aiming to raise approximately $8 million in gross proceeds from the sale of 2 million shares. However, WF Holding's stock opened below its IPO price at $3.97 and continued to slide throughout the trading session. This weak performance suggests that investors may be skeptical about the company's prospects or that the IPO was potentially overpriced given current market conditions.
The substantial decline in WF Holding's stock price on its first day of trading raises concerns about investor confidence in the company and may impact its ability to raise capital in the future. As the IPO is set to close on Friday, market participants will be closely watching to see if the stock can stabilize or if it will face further pressure in the coming days.
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