Mobia Medical's stock plummeted 32.03% during Friday's intraday trading session, marking a dramatic decline on its first day of public trading.

The medical-device company's initial public offering was priced at $15 per share, the midpoint of its expected $14 to $16 range. However, the stock opened at $14, already below its IPO price, before experiencing the significant intraday decline.

The weak market reception suggests investor concerns about the company's valuation or market prospects, despite the IPO being priced within expectations. The $150 million raised through the sale of 10 million shares appears to have been met with selling pressure during the trading session.