Asset Entities (NASDAQ:ASST), which develops and manages community servers for Discord (DSCD), saw its stock slide 30% following the company’s $7.5M initial public offering.

Shares of Asset Entities opened at $5.88, reaching an early high of $6.98 before sliding to a low of $3.18 in early afternoon. The stock recently changed hands at $3.40 at approximately 2:50 p.m. ET.

The company offered 1.5M shares at $5 per share. Underwriters were granted a 45-day option to buy up to 225K additional shares at the IPO price to cover over-allotments. Boustead Securities is serving as sole bookrunner.

Based in Texas, Asset Entities is a provider of social media marketing services. The company also develops and manages servers for Discord communities, with a focus on trading and investing content.

For more on Asset Entities, check out SA contributor Donovan Jones’s “Asset Entities Proposes $7.5M Mini-IPO Terms”.