Shares in Australia's second largest hotel and resort operator fell slightly on their first day on the Australian Securities Exchange.
Mantra Group shares began trading on the market at $1.85 at 1200 AEST, and ended the session at $1.78, valuing the company at $444 million.
The wider market also fell.
Mantra chief executive Bob East said the reception from investors to the company's public listing positive.
"Our new shareholders include a strong representation of blue-chip Australian investment institutions and we are looking forward to welcoming many retail investors into ownership of the company," he said.
The company operates 113 hotels, resorts and serviced apartments across Australia, New Zealand, and Indonesia, catering for about two million guests a year.
Its network includes the Peppers and BreakFree chain of hotels and resorts.
Lonsec senior client adviser Michael Heffernan said he was not expecting a rush of buyers for Mantra in light of a dip in consumer confidence linked to the May federal budget, which signalled spending cuts and new taxes.
"Hotels are still in the consumer spending area and are susceptible to falls in consumer confidence," he said.
The company made a profit of $24.6 million in 2012/13, and expects that to grow to $27.4 million in the current financial year.
Mantra sold slightly more than half of its shares to the public, using the proceeds to reduce its debt.
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