Texxon Holding Limited (NPT), a leading provider of supply chain management services in the plastics and chemical industries in East China, saw its stock price plummet by 7.49% during Wednesday's intraday trading session. This significant drop comes on the heels of the company's announcement regarding the pricing of its initial public offering (IPO).

The company revealed that it has priced its IPO at $5.00 per ordinary share, with plans to offer 1,900,000 shares. This pricing structure is expected to raise aggregate gross proceeds of $9.5 million for Texxon. The shares were approved for listing on the Nasdaq Capital Market under the ticker symbol "NPT" and commenced trading on the same day as the announcement.

The market's negative reaction to the IPO pricing suggests that investors may have expected a higher valuation for the company or are concerned about the relatively small size of the offering. Additionally, the sharp decline could indicate uncertainties about Texxon's growth prospects or the overall market conditions for newly listed companies in the supply chain management sector. As trading continues, investors will be closely watching how Texxon performs in its early days as a public company and whether it can effectively utilize the IPO proceeds to fuel its planned expansion and platform upgrades.