Shares in McGrath Limited, the first in real estate agency to list on the ASX, dropped on the first day of trading.
The $2.10 shares opened at $1.93, a drop of 8%, and closed at $1.86.
The IPO raised $129.6 million and values the high profile real estate agency, founded by John McGrath in Sydney, at $272.1 million.
Some of the proceeds of the IPO will be used for expansion into Victoria. McGrath has about 3% of the national market.
The agency is estimated to be the third largest in Australia as measured by the value of properties sold. In 2015, it had total turnover of $11.6 billion from 11,000 sales made by 600 agents.