Shares of Beijing Chunlizhengda Medical Instruments Co. dived in their Shanghai debut on Thursday, after the company raised 11.46 billion yuan ($1.80 billion) from a secondary listing on China’s Nasdaq-like Star Board.

The stock lost as much as 9.4% to CNY27.01 a share, sharply down from its offering price of CNY29.81.

Beijing Chunlizhengda’s Hong Kong-listed shares fell as much as 4.4%.

Beijing Chunlizhengda, which manufactures orthopedic medical devices, said it plans to use the bulk of the share-sale proceeds for new facilities and research and development.

The company’s Shanghai-traded shares were last down 6.1% at CNY28.00.

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