By Luisa Beltran 

Don't call Hanover Bancorp a broken IPO. The company, which went public on Wednesday, is getting a new closing stock price for its first day of trading.

Hanover (ticker: HNVR) was the subject of an aberrant trade that caused its shares to close below its $21 offer price on Wednesday, three people familiar with the situation said. The trade occurred at 4 p.m. Eastern and was for 200 Hanover shares at $20.11.

The trade is considered aberrant because it didn't reflect the true market for the security at that point in time, a second person said. The last round-lot trade, in the normal increment of 100 shares, was at $21.10, at 3:59:58 p.m. on Wednesday. But the trade of 200 shares at $20.11 came in at 4 p.m. and established a historical low for the stock.

"There was strong demand around the deal price. Having the stock trade at $20.11 made no sense," the second person said.

The Nasdaq has agreed that the trade on Wednesday was aberrant, the people said. It is expected to issue a correction later Thursday.

Hanover's closing price for its market debut on Wednesday will be $21.10, the people said. At $21.10, Hanover's first day will no longer be considered "broken," which refers to IPOs that trade below their offer prices. It is unclear whether there will be an investigation.

"By pulling [the 200 shares] off the tape, It should eliminate any confusion that the official closing price was $21.10," the first person said.

On Thursday, Hanover's shares rose by 1% to $21.22 in afternoon trading.

Hanover Bancorp is the parent company of Hanover Community Bank. Organized in 2009, Hanover was founded to serve the South Asian community of Nassau County, New York.

The bank holding company opened for trading on Wednesday on the Nasdaq after its IPO raised about $26.8 million. Hanover sold 1.275 million shares at $21 each, the bottom of its $21-to-$23 price range.

Write to Luisa Beltran at luisa.beltran@dowjones.com