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.