Anteris Technologies Global (AVR), a heart valve company, experienced a significant 12.33% plummet in its shares during its Nasdaq debut on Friday after completing an $89 million initial public offering (IPO).

AVR's stock opened for trading at $6 per share, the same price it sold 14.8 million shares at in its IPO. However, by the end of the trading session, the stock had slid to $5.26, representing a 12.3% decline from its opening price.

The IPO was priced at an 11.5% discount to the company's previous closing price on the Australian Securities Exchange, where it was previously listed. This discount may have contributed to the stock's lackluster performance on its first day of trading on the Nasdaq, as investors potentially viewed the pricing as overvalued.