IPO activity may be on the rise, but only about a third of recent ASX entrants have gained ground since listing.

This week, two debutantes — Moho Resources (ASX:MOH) and Golden State Mining (ASX:GSM) — have continued that trend by closing out their first sessions in the red.

West Australian gold explorer Golden State made a subdued debut Thursday, closing at 17.5c compared to its 20c issue price.

Golden State raised $4.6 million to start gold-focused drilling campaigns at its flagship Cue project in Western Australia within weeks.

The explorer started it first session late in the day, kicking off at 2pm AEDT Thursday. Just 50,000 shares changed hands for $8550 before it finished its first day down 15 per cent.

Gold, nickel and copper explorer Moho kicked off its first session at 1pm AEDT Wednesday.

Some 1.4 million shares changed hands as it dipped to 15.5c before ending at 17c — down 15 per cent down — on the closing bell.

The stock is now in a trading halt pending an announcement in relation to its Silver Swan North project, where gold assays are expected soon.

Moho raised $5.3 million in an initial public offering, issuing 26.5 million shares at 20c per share.