NEW YORK - Singapore-based telehealth provider Mobile-health Network Solutions, once the top-performing US initial public offering (IPO) in 2024, tumbled below its IPO price for the first time since its April public listing.

The stock plunged 85 per cent on May 4 to close at US$3.39 a share, below the company’s US$4 IPO price. The movement triggered multiple volatility halts.

It is a swift reversal for the stock, which surged more than 580 per cent in its first weeks of trading, making it one of the hottest US IPOs of the year. The stock began trading above its IPO price on April 10 and rallied to close at more than US$27 a share at its peak, pushing the company’s market value to more than US$925 million (S$1.25 billion) at the time.

Its May 4 plunge erased US$635 million from the company’s valuation, bringing it to about US$115 million. The telehealth provider brought in US$7.9 billion in revenue in the fiscal year through June 30, though it lost about US$3.2 million in the period.

Mobile-health Network Solutions’ IPO was led by Network 1 Financial Securities, a little-known New Jersey brokerage with a history of wild stock offerings. The offering in 2024 was the firm’s first since 2022. BLOOMBERG