Pitanium Limited (PTNM) saw its stock price plummet by 5% in intraday trading on Friday, despite the company announcing its initial public offering (IPO) pricing and approval for Nasdaq listing. This unexpected downturn has left many investors puzzled, given the seemingly positive news surrounding the company.

Earlier in the day, Pitanium Limited revealed that it had priced its IPO at $4.00 per share for 1.75 million Class A shares. The company also announced that its Class A shares had been approved for listing on the Nasdaq under the ticker symbol 'PTNM'. These developments typically signal a strong market debut, making the subsequent stock decline all the more surprising.

Market analysts suggest that the sharp drop in Pitanium's stock price could be attributed to investors' concerns about the company's valuation or disappointment with the IPO pricing. It's possible that some market participants expected a higher initial offering price or were hoping for a larger number of shares to be made available. The 5% decline may also indicate that the market is adopting a cautious stance towards newly listed companies in the current economic climate.