Shares of iOThree Limited (IOTR) plummeted 10% in their 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 late Wednesday, offering a total of 2.1 million ordinary shares.

The significant drop in share price could be attributed to investors' perception that the IPO was overpriced or concerns about the company's valuation. The company is set to raise gross proceeds of $6.6 million from its own share sales, which some market participants may view as insufficient for the company's growth plans in the competitive technology sector.

iOThree plans to use the proceeds to further develop its Jarviss platform and for marketing and general corporate purposes. As a newly public company in the maritime digital technology space, iOThree faces the challenge of proving its worth to investors in a market that has become increasingly scrutinizing of tech valuations. The company's performance in the coming weeks will be closely watched as it establishes itself in the public market.