Fanpla (FPL) Trades Below Offering Price in Coincheck's Fourth IEO

At 12:00 on the 11th, Fanpla (FPL) commenced trading on Coincheck via a book-building method, with an initial price of 1.495 yen.

Immediately after the opening, a surge of sell orders drove the price down to 0.510 yen within the first minute of trading, a 49% drop from the offering price. This plunge may have been influenced by the typical 'winner's sell' pressure seen in IEOs and the general downturn in the crypto asset market. The price briefly rebounded to around 0.8 yen in the next minute but failed to sustain any significant recovery, and minor fluctuations continued into the afternoon. As of 16:00, the price hovered around 0.51 yen.

The IEO for FPL was conducted from October 21 to November 4, with a total application amount of 9.06 billion yen across 28,523 accounts, resulting in an oversubscription rate of 9.06 times.

The total number of units sold was 100,000...