Skyline Builders Group Holding (SKBL) plummeted 7.25% in its trading debut on Thursday, underperforming the broader market as investors reacted negatively to the company's $6 million initial public offering pricing.
The construction firm priced its IPO of 1.5 million Class A ordinary shares at $4 apiece, raising $6 million in gross proceeds. The company plans to use the IPO funds to hire more staff and for general corporate purposes.
Skyline Builders Group, a construction company focused on residential and commercial projects, began trading on the Nasdaq stock exchange on Thursday. The disappointing debut comes as the IPO market remains muted amid broader economic uncertainty and volatile market conditions.
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