Credit manager Medley Management Co. raised $108 million in its initial public offering on Wednesday through the sale of 6 million shares at $18 a share.
The stock dropped to $16.99 a share after the opening bell of the New York Stock Exchange and closed at $16.40 a share, an 8.89% drop from its IPO price.
In its S-1 filing on Sept. 15, the company had originally sought to raise $151.8 million through the sale of 6.9 million units of common stock at $22 a share.
Goldman Sachs and Credit Suisse were lead book runners and underwriter representatives for the IPO.
The company, which trades under the symbol MDLY, has $3.3 billion in assets under management.