Pitanium Limited (NASDAQ: PTNM) saw its shares plummet 5% during Friday's trading session, marking a disappointing debut for the newly listed company. The sharp decline came just hours after the company announced the pricing of its initial public offering (IPO).

Earlier in the day, Pitanium Limited revealed that it had priced its IPO of 1.75 million Class A shares at $4.00 each. The company's shares were approved for listing on the Nasdaq under the ticker symbol 'PTNM'. However, the market's initial reaction to the stock has been less than enthusiastic, with the share price falling significantly below its IPO price.

The weak performance of Pitanium's stock on its first day of trading could be attributed to several factors. These may include investor skepticism about the company's valuation, profit-taking by early investors, or broader market sentiment affecting newly listed companies. As Pitanium Limited navigates its early days as a public company, investors will be closely watching to see if it can reverse this initial downtrend and demonstrate value in the long term.