rYojbaba (RYOJ) shares were down by about 18% in recent trading Thursday, in the company's Nasdaq debut.
The Japanese labor consulting and health services company priced 1.25 million Japanese common shares at $4.00 a share in its initial public offering on Wednesday for gross proceeds of $5 million.
rYojbaba granted underwriters a 45-day option to purchase up to 187,500 additional shares at the IPO price, according to a statement.
The company expects to close the IPO on Friday and said proceeds will be used for working capital and general corporate purposes.
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