Shares in the electronics retailer, Dick Smith, made a lacklustre debut on the Australian Stock Exchange on Thursday.
The shares, which were sold at $A2.20 each, first traded at $2.21 and managed to rise as high as $2.27 before closing at $A2.20.
At the float price, the company was valued at $A520 million, a huge increase on the $94 million paid by private equity group Anchorage Capital Partners just 15 months ago.
While Anchorage said Dick Smith has undergone a significant transformation under its ownership, New Zealand analysts said that transformation was only skin deep.
The electronics chain has 359 stores in New Zealand and Australia, and expects to generate sales of $1.2 billion in the 2014 financial year.
It has 61 stores in New Zealand employing 550 staff and the company plans to improve the Dick Smith brand here.