Aureus Greenway Holdings Inc. (AGH) saw its stock plummet 6% in Wednesday's intraday trading session after the Florida golf course operator priced its initial public offering (IPO) of 3.8 million shares at $4.00 per share.
The company raised $15 million in gross proceeds from the IPO, with 3 million shares offered by Aureus Greenway and the remaining shares sold by existing stockholders. The stock began trading on the Nasdaq under the ticker symbol "AGH" on Wednesday.
IPO pricings often lead to volatility in a company's stock, as the market adjusts to the newly public shares. Investors may have reacted negatively to the pricing and dilution from the IPO, contributing to the stock's 6% plummet on its first trading day.
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