KEY POINTS:
Burger Fuel had a quiet first day on the NZAX with just 2600 shares changing hands and the subscription price of $1 per share holding firm.
There were just four trades of the stock, two for 1000 shares, one for 500 and one for 100.
ASB Securities investment adviser Stephen Wright said the lack of movement was not surprising given the size of the public listing - just eight million $1 shares.
Of those, 2.75 million were bought in the float by Josef Roberts and Chris Mason - who own the bulk of the non-traded stock - so that it could reach the required $8 million minimum. The float closed on Monday.
"Many of the people who bought the shares - possibly directly from the shop - believe in it and are not necessarily interested in how it performs, or likely to sell if it does not," said Wright.
"They are not sort of cynics like a lot of us who are watching."
Burger Fuel is using the money from the initial public offering to expand in New Zealand and Australia and to investigate other markets.
Chairman Peter Brook said this week Burger Fuel would look to establish stores in other countries with local partners, reducing the requirement for capital investment.