NEW YORK (TheStreet) -- Shares of MOL Global  (MOLG) sank more than 32% in afternoon trading Thursday, the company's first trading day after its IPO.

The Malaysian company priced its initial public offering of 13.5 million American depositary shares (7,485,030 offered by MOL Global and 6,014,970 offered by selling shareholders) at $12.50 per ADS. Each ADS represents one ordinary share of the company.

MOL expects the offering, which contains a 30-day option for underwriters to purchase up to an additional 2.025 million ADSs, to close on October 15.

Watch the video below to see what MOL Global CEO Ganesh Bangah had to say about the e-payment company:

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The company expects the total offering size before any over-allotments to be approximately $168.8 million, of which gross proceeds to MOL would be approximately $93.6 million. MOL will not receive any proceeds from the sale of the ADSs by the selling shareholders.

The stock opened at $10.75, below the IPO price of $12.50. The stock had an intraday low of $8.11 and an intraday high of $11.14 as of 3 p.m., by which point more than 9.7 million shares had changed hands.

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