Tremor Video (NYSE: TRMR) has become the first online video ad network in recent memory to declare an IPO, but if its initial results are any indication, the rest of the industry won’t be clamoring to join it on the market. After investors priced Tremor at a lower value than the company’s banker expected, its problems went from bad to worse when it experienced a significant drop during its first day of public trading.

According to AllThingsD, Tremor went public after years of preparation. The result can’t be the start the company wanted. It valued itself between $11 and $13 dollars, but ended up launching at $10. Then, it dropped 15% on its first day, ending at $8.50. It has tread water on day two. I can’t say I’m enough of a financial expert to discuss the ways Tremor’s shaky start affects its future value, but CNBC has me covered:

According to Comscore, Tremor is the 8th largest online video ad network in the US, serving up more than 882 million ads in May in the US alone. Some of its competitors, such as Brightroll (ranked 1st) and Adap.tv (4th) have also been rumored to be considering IPOs, but Tremor’s struggles may give them pause.

Tremor was one of the first ad networks to offer interactive pre-roll ads when it debuted them back in 2010. Back then, it led Comscore’s rankings; its drop has been caused less by its own struggles and more by the booming online video ad industry, which reached record highs last month. Nonetheless, that growth was clearly not enough to impress the bigwigs on Wall Street. Perhaps Brightroll will do better.