Fervo Energy Co.'s stock plummeted 8.07% during intraday trading on Friday, marking a significant decline for the energy company.

The sharp drop follows the recent completion of the company's Class A initial public offering, which closed with 80.5 million shares sold at $27 per share, raising approximately $2.17 billion in gross proceeds. The company had previously filed amended governance documents in preparation for the IPO, with the offering moving forward as planned.

Market participants often see increased volatility following major corporate events like IPOs, as investors adjust to the new public market valuation and trading dynamics of recently listed companies.