"Coming back down to earth" - that's one analyst's take on the falling stock of Big Hit Entertainment on Friday (October 16).
The much-hyped listing for the management agency of South Korean K-pop group BTS, has been on quite a ride in just its first 24 hours.
The stock fell as much as 23% in Friday trade, extending losses from its debut the previous day.
Analysts say the lower price should be viewed as more reasonable for a company which relies heavily on one boy band for revenue, after a period of overheated speculation.
The market debut had pushed Big Hit's debut to double the IPO price and then a further 30% surge shortly thereafter.
South Korean retail investors known as "Ants" have been capitalising on government economic stimulus which has flooded markets with cash.
Market watchers say K-pop agencies that depend on a few star artists tend to see more fluctuation in share prices.
BTS accounted for 97.4% of Big Hit's revenue last year and 87.7% in the first half of 2020.
One analyst told Reuters that Big Hit must now "make all-out efforts to create a post-BTS revenue source."