It was a heady moment Wednesday morning for Syra Health Inc., Indiana’s newest public company, as company officials rang the opening bell on the Nasdaq Stock Exchange.
“Such a proud moment at Nasdaq opening bell ceremony!” CEO Deepika Vuppalanchi posted on her LinkedIn page. “The journey to improving health care continues!”
The company was formed only three years ago and went public on Sept. 29 in an initial public offering that raised $5.3 million after expenses.
Yet the market quickly showed how unsentimental investors and traders can be. Shortly after the opening bell ceremony on Wednesday, Syra stock continued its mostly downward slide of the last five weeks, hitting a new low of $1.18 a share, down 71% from its IPO price of $4.12. That’s even as the Standard & Poor’s 500 index edged down just 3% during the same period.
Syra’s shares recovered somewhat later in the day, hitting $1.30 in midafternoon trading, but still far below its IPO price.
The company, based in Carmel, offers a wide range of health-care services, from nursing staffing to public-health training.
Syra intends to use proceeds from the offering for marketing and sales, application development, research and development, and working capital and other general corporate purposes. The lead underwriter was Kingswood Capital Partners LLC.
The company, with about 56 full-time employees, had revenue last year of $5.6 million.