Shares of Skycorp Solar Group Limited (PN) plummeted 7.75% in intraday trading on Tuesday, as the solar PV product provider made its public debut on the Nasdaq Capital Market. The stock's lackluster performance came after the company priced its initial public offering (IPO) of 2 million shares at $4 per share, raising $8 million in gross proceeds.

The sell-off in PN's stock price on its trading debut is a common occurrence for IPOs, particularly those that are priced aggressively. Skycorp Solar had initially planned to offer 2.7 million shares in its IPO at a price range of $4 to $5 per share but later reduced the offering size to 2 million shares and priced it at the lower end of the range.

The company intends to use the net proceeds from the IPO to expand its product lines and services, strengthen its research and development capabilities, improve brand recognition through multi-channel marketing, and for working capital and general corporate matters.