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Trading under the ticker ‘GPP', the company's stock opened at 1pm (EST) slightly below the 20c IPO price at 19.5c.
But by the close of trading, its share price had plummeted to just 10c.
The coal seam methane newcomer closed its IPO at the end of January short of the $6-10 million it had hoped to raise from investors.
Having settled for $5.3 million, Greenpower now has more than 63 million shares on issue, of which management and directors own 42%.
The IPO funds will be mostly used to fund exploration, appraisal drilling and development of the company's projects in the Gippsland and Otway basins in Victoria, the Eromanga and Willochra basins in South Australia, the Perth Basin in Western Australia and the Gunnedah Basin in New South Wales.
The Sydney-headquartered company, which has evolved from Gunnedah Coal Company, envisages that CSM produced and sold from its activities would mostly be used in power plants to produce electricity; however it did flag the possibility for other uses such as for liquefied natural gas as an export fuel.
