Shares of Saluda Medical suffered a dramatic collapse on their first day of trading on the Australian Securities Exchange, marking what is being described as the weakest initial public offering in Australia in decades.

The share price tumbled by approximately forty-seven percent, a severe reversal from investor expectations at launch.

The company had priced its IPO at two point six five Australian dollars per share, raising about two hundred thirty million dollars through the sale of more than eighty-five million shares.

The offering aimed to support the global commercial rollout of Saluda’s FDA-approved Evoke spinal-cord stimulation system, designed to treat chronic neuropathic pain.

The company has previously secured more than five hundred million dollars in private funding from major healthcare investors.

Despite strong financial backing and a promising medical technology platform, market sentiment turned sharply negative at debut.

The near-fifty-percent drop has rattled confidence in both the company and the broader appetite for high-profile medical-technology listings.

Analysts note that tightening capital conditions and increasing investor caution toward pre-revenue or minimally profitable biotech firms likely contributed to the sell-off.

Proceeds from the IPO had been intended to accelerate Saluda’s commercial expansion in the United States and support further clinical development.

The scale of the share-price decline, however, indicates that investors may reassess growth expectations until the company demonstrates stronger market traction.

The episode carries wider implications for the Australian IPO market, particularly for medical-device and biotechnology firms preparing to list.

It may influence how future offerings are priced and how companies present their commercial progress and risk profile.

Saluda’s performance will be closely monitored as the company works to steady investor confidence while pursuing its commercial objectives.