Shares in apple grower Scales started trading this morning at $1.61, a marginal premium to their issue price, before falling to $1.58.
The company raised $148.8 million from its float by selling 93 million shares at $1.60 each - the bottom end of the indicative range.
However, the float was signfiicantly oversubscribed, with strong support from institutional and corporate investors.
At the issue price, Scales is valued at $224m.
The company raised $30m of new capital, to provide flexibility for the future expansion of its business, and the rest of the funds raised went to existing shareholders selling down their holdings.
Scales is majority owned by Direct Capital Investments, of which the Superannuation Fund and the Accident Compensation Corporation are co-investors.
Direct Capital acquired the interest in Scales through the receivership of South Canterbury Finance.
The prospectus shows the company's net profit rose 50 percent to $20.4m in calendar year 2013, although it expects its profit to fall by 22 percent to $15.9m this year.
While the bottom line is expected to rise again in 2015, operating profit will still be below the 2013 level.