Shares in rest home and retirement village company Oceania Healthcare debuted on the NZX at a three cent (3.8 per cent) premium to the price set in the initial public offer (IPO) process.
When the stocked listed at 10.30am, the shares traded at 82 cents compared with their IPO price of 79c, which was towards the lower end of a 76c to $1.04 indicative price range.
The company is New Zealand's third largest provider of residential aged care, and the country's sixth largest retirement village business.
Auckland-based Oceania - New Zealand's first initial public offer for 2017 - is one of only three stocks that are expected list this year.
Gross proceeds from the Oceania offer are expected to come to $200 million.
The number of equity securities offered - 253.2 million - equated to 41.5 per cent of the company's shares on issue.
At 79c, the company's market capitalisation comes to $482.1m.
Oceania operates in the New Zealand residential aged care and retirement village sectors, offering residents villas and apartments within its retirement villages, and also providing a full range of residential aged care services at its aged care facilities.