Shares in Scales Corporation have fallen below their offer price following the fruit marketer's initial public offering today.
The company's newly listed stock first traded at $1.61 - a one cent premium to the $1.60 offer price - but have since fallen to $1.59.
Christchurch-based Scales, New Zealand's biggest apple exporter, attracted 12 domestic institutions as investors in the offer, as well as several global agriculture funds and retail clients from all the major NZX broking firms.
The $1.60 offer price values the firm at $224 million.
Existing investors -- private equity company Direct Capital Investments, together with its co-investors the New Zealand Superannuation Fund and ACC -- will retain a cornerstone shareholding of 20 per cent in Scales following the IPO.