Chorus, the telecommunications company that has split off from Telecom, debuted on the NZX today at $2.92 - the low end of most analysts's expectations.
Chorus went on to trade at $3.07, up 13c.
Telecom was itself trading at $1.98 compared with Tuesday's close of $2.52, but up 4.3c from its theoretically adjusted price.
The price action in Telecom was a reflection of what has been happening in Australia over the last couple of days, where the stock has been trading on a deferred settlement basis.
At current levels, Chorus was "less than most people would have thought - and right at the bottom end of most analysts' idea of where it should be trading at," Guy Hallwright at brokers Forsyth Barr said.
Some analysts had valued Chorus as high as $5.00.
Stockholders received one Chorus share for every five Telecom shares.
According to a report by consultancy firm Grant Samuel, Chorus could have a trading range of $2.92 to $4.61.
Grant Samuel estimated Telecom, minus Chorus, to be worth between $1.73 and $2.33 a share.
NZX chief executive Mark Weldon welcomed Chorus on the exchange's main board.
"It's fantastic to have two such prominent brands in the telecommunications sector - Telecom and Chorus - listed separately and providing distinct and well-defined offerings on our markets," he said in a statement.
Chorus is an integral part of the Government's ultra-fast broadband scheme. The company is expected to roll out high-speed fibre internet cables in 24 towns and cities across New Zealand over the next eight years.