Uranium explorer Marmota Energy (MEU) has listed on the stock exchange at a discount to its initial public offer. The stock fell as much as 40% to 15 cents in intra day trade on Wednesday, down from its offer price of 25 cents.
It then recovered to 17.5 cents by early afternoon only to slide down to 16 cents at close.
More than 2.5 million shares had changed hands.
Marmota is a spin-off of the uranium assets of the diversified resources business Monax Mining.
Its main focus is the discovery of large tonnage low operating cost uranium systems.
Tenement interests cover in excess of 7,000 square kilometres in the Gawler and Curnamona Cratons, an area in South Australia well known for its uranium properties.
The $15 million initial public offer (IPO) closed oversubscribed, and its listing was subject to Monax shareholders' approval.
As a result, South Australian-based Monax holds a 29.8% interest in Marmota Energy.
After a volatile year in terms of uranium spot prices, the high-demand commodity is in recovery mode with prices trading around US$93 from a low of US$75 recently.
Monax (MOX) remained flat at 47 cents.
