Shares of GMR Solutions (GMRS) plummeted 10.47% during intraday trading on Wednesday as the emergency medical services provider made its trading debut on the New York Stock Exchange.

The stock's decline came after the company priced its initial public offering at $15 per share, a significant reduction from its initially marketed range of $22 to $25 per share. The shares opened at $13.50, trading below the already lowered IPO price from the start of the session.

Analysts noted that investors remain cautious toward new listings, with the recent IPO market showing signs of fragility. GMR's decision to slash its deal size and sell shares well below its initial target range reflected this disciplined investor sentiment toward valuations.