Fall on debut
Debut price refers to the price that the shares were issued. Fall on debut means that the price dropped below the issue price on the first day it was listed. This means even if you bought the shares first hand, you will still lose money on it. It happens less in the bullish market.
The reason for the fall on debut is a serious imbalance in the supply and demand in the market.
The relationship between supply and demand is the most important aspect to determine the equilibrium of stock price. For the reasons why new stocks fall on debut, the market generally believes that the market downturn is not the main cause, the issue price and high price-earnings ratio are the culprits.