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The stock, which trades under the ticker “IBTA,” opened Thursday at $117, well above the $88 offering price and outside of the originally expected pricing range of $76 and $84 per share.

But the company’s stock is down nearly 60 percent from its initial offering price.

Steel, which rejected that offer, confirmed the offering price from Nippon early Monday.

The FTC in June 2022 proposed banning fees and bait-and-switch advertising tactics and requiring dealers to make key disclosures to consumers, including providing a true "offering price" and making disclosures about optional add-on fees.

As of 0359 GMT, the shares were trading at 4,035 yen, above the offering price of 4,000 yen.