Fruit and vegetable grower and distributor Costa Group has made a disappointing debut on the Australian share market.
Shares in Costa, the largest fresh produce supplier to major Australian food retailers, began trading at $2.23 at 1200 AEST, two cents below the $2.25 price the company listed its shares on the ASX.
At 1215 AEST, the shares were worth $2.175, down 7.5 cents, or 3.33 per cent.
The company began as a single fruit shop in Victoria over 100 years ago and was built up by the Costa family to an estimated value of $850 million.
It listed on the Australian share market after undertaking a public offer that raised between $541 million and $637 million.
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