Shares in Australian corporation FINEOS (ASX:FCL) fell by 16.1% to A$2.1, plunging to their lowest since July 10th.

The company reported a FY23 EBITDA of 2 million euros ($2.18 million), a sharp decline of 70.2% from FY22 levels.

The total revenue for FY23 was recorded as 125 million euros, which is a minor downfall of 1.7% from the preceding year.

For FY24, FINEOS forecasts a revenue between 131 million and 135 million euros, which falls short of Citi’s anticipations.

The Ireland-based software vendor has plans to raise A$40 million ($25.79 million) at an offer price of A$2.25 per share, a move which didn’t raise eyebrows at Citi.

This offer price reflects almost 12% discount to the stock’s closing price on Monday.

Citi reports potential upside risk to costs should FINEOS decide to bolster R&D investment.

Consequently, the stock faced its largest intraday fall since February 24th.

Despite the day’s loss, the stock has risen 67.2% this year, up to the last closing.

FINEOS is an Ireland-based software vendor.