Shares in US toymaker Funko plummeted nearly 40% at the company’s stock market launch on Thursday.
The opening price of $8 was a third lower than its initial public offering (IPO) price of $12 and at one point the stock was down 39.4%.
Funko, which makes toys and collectables, has more than 200 licences including Disney, Star Wars, Marvel and DC Comics, as well as TV shows such as Seinfeld.
It generated $425m in revenue in 2016 and aims to become a billion-dollar company in five years.
However the company raised only $125m through the sale of 10.4 million shares in the IPO, compared with expectations of $185m.
Speaking to Forbes earlier this year, CEO Brian Mariotti said its licences were what made the company unique.
“A lot of people don't understand pop culture. They think what we're doing is a fad,” he said. “People understand being a sports fan and buying jerseys or coffee mugs of their favourite team. This is no different. Instead these are fans of a video game or TV show. This is their passion.”