DDH1 (ASX:DDH) share price crashes 26% lower after IPO

The DDH1 Limited (ASX: DDH) share price has hit the ASX boards this afternoon following the successful completion of its initial public offering (IPO).

At the time of writing, the drilling company’s shares are down a very disappointing 26% from its issue price to 81 cents.

What is DDH1?

DDH1 was founded in 2006 and provides a range of specialised drilling services to companies mining or exploring for mineral deposits in Australia.

Management notes that mineral exploration and mining companies have an ongoing need for drilling services to provide them with rock samples for analysis of their mineral content and other geological, chemical, and structural properties.

These companies typically use service providers such as DDH1 rather…