DarkIris Inc. (DKI), a Hong Kong-based mobile game developer, saw its shares plummet 8.21% in after-hours trading on Friday, following a highly volatile first day of trading on the Nasdaq. This significant drop comes on the heels of an initial public offering (IPO) that saw the stock price surge and fluctuate wildly throughout the day.

The company had priced its IPO at $4 per share, offering 1.5 million Class A shares. DarkIris's stock opened at $8.80, more than double its IPO price, and traded within a wide range of $5.20 to $15 throughout the day. By the close of regular trading, the shares had settled at $5.65, representing a 41% increase from the IPO price.

The after-hours decline suggests a potential market correction as investors reassess the stock's value following its debut. Factors contributing to this pullback may include profit-taking by early investors and a more cautious stance on the company's immediate prospects. As a newly listed entity, DarkIris faces the challenge of proving its long-term potential in the competitive mobile gaming market. The company has stated that it plans to use the IPO proceeds for expanding its operations team, rewarding existing team members, product development, and general corporate purposes.