Tea shop chain Sichuan Baicha Baidao Industrial (2555) fell more than 13 percent in gray markets ahead of its listing today.
It had offered shares at HK$17.50 apiece, aiming to raise more than HK$2.5 billion, which would make it the biggest initial public offering in the city so far this year.
However, it closed 13.3 percent lower at HK$15.18 per share on Futu Securities' platform and 13.7 percent to HK$15.10 on Philip Securities' gray market.
Sichuan Baicha Baidao, which owns the Cha Panda brand, targets young Chinese with its blend of fruit and milk drinks.
Another debutant, Tianjin Construction Development (2515), also slumped.
The construction services provider sank 16 percent to close at HK$2.10 on Futu and 24 percent to HK$1.90 on Philip.
The Tianjin firm had aimed to raise up to HK$160 million at HK$2.50 apiece.
