Nine Entertainment Co’s shares made their stock exchange debut at noon but failed to ignite shareholder interest.
The company, which owns the Nine Network, Ticketek and ninemsn, listed on the Australian Securities Exchange at $2.05 per share.
That price was at the bottom of the range put forward in the company’s prospectus, which analysts said would give its shares room to move higher on Friday.
But the shares were 5 cents lower in early on Friday afternoon, at $2.00.
At a listing price of $2.05, Nine was valued at $1.93 billion, making it the biggest initial public offering this year.
“The IPO price at $2.05 does give it a bit of room to move on the upside,” IG market strategist Evan Lucas said.
“They will probably get away nicely… it should be an okay float,” he said.