Listings Nightingale’s share price plummeted nearly 24 percent on the first trading day

The health technology company’s stock market began to decline. The stock plunged as much as 28 percent.

Health technology company Nightingale Health’s share began trading exceptionally gloomily on Friday on the Helsinki Stock Exchange’s First North marketplace.

The share immediately slipped from the listing price at the opening, and in the afternoon the share fell its sharpest to more than 28 percent.

The share price ended at EUR 5.15, which is 23.7 percent lower than the subscription price of EUR 6.75 in the IPO. The lowest price was 4.85 euros.

The stock collapsed, although Swedbank, the organizer of the Nightingale IPO, supported the price with stabilization purchases. By 5 p.m., approximately 2.6 million Nightingale shares had been traded on the stock exchange. More than two million of them had been purchased by Swedbank.

Read more: Listed on the stock exchange, Nightingale is a leap into the unknown for the investor

Nightingale said on Thursday that its IPO was oversubscribed and that the issue aroused strong interest from international and Nordic investors.

The company’s IPO of EUR 110 million was the largest for the First North marketplace so far. The issue valued the company at EUR 425 million.

The stock research company Inderes said in its morning report on Friday that the IPO has set a one-month silent period for analysts. During that time, analysts will not be able to set a recommendation or target price for Nightingale’s stock.

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