Cre8 Enterprise, Ltd. (CRE) saw its stock price plummet by 5% during intraday trading on Wednesday, marking a disappointing debut for the financial printing service provider on its first day of trading on the Nasdaq Capital Market. The sharp decline comes just a day after the company priced its initial public offering (IPO).

On Tuesday evening, Cre8 Enterprise announced the pricing of its IPO at $4 per share, with 1.45 million Class A shares being offered. The company expected to raise approximately $5.8 million in gross proceeds from the offering. Additionally, the IPO underwriters were granted a 45-day option to purchase up to 217,500 additional shares to cover over-allotments.

The company stated that the proceeds from the IPO, scheduled to close on Thursday, would be used for various growth initiatives. These include office upgrades in Hong Kong, business and workforce expansion, staff training, and technology upgrades. However, the market's initial reaction appears to be less than enthusiastic, as reflected in the stock's 5% drop. This decline might suggest that investors are cautious about the company's valuation or growth prospects in the competitive financial printing services sector.