Texxon Holding Limited (NPT) saw its stock price plummet by 7.49% during intraday trading on Wednesday, following the announcement of its initial public offering (IPO) pricing. The company, a leading provider of supply chain management services in the plastics and chemical industries in East China, priced its IPO at $5.00 per ordinary share, raising $9.5 million before deducting underwriting discounts and other related expenses.

The offering consists of 1,900,000 ordinary shares, with an additional over-allotment option granted to the underwriters to purchase up to 285,000 additional shares. Texxon's shares began trading on the Nasdaq Capital Market under the ticker symbol "NPT" on the same day as the announcement. The sharp decline in stock price suggests that investors may have been disappointed with the IPO pricing or are concerned about the company's valuation.

According to the company's statement, the net proceeds from the IPO will be used for various purposes, including the construction of a polystyrene manufacturing factory in Henan Province, updating its supply chain management platform, and working capital. Despite the initial negative market reaction, it remains to be seen how Texxon will perform in the long term as it utilizes these funds to expand its operations and potentially increase its market share in the East China region.