The issue price was at the upper end of the valuation, which may have capped demand and gains on listing.
Fibre network operator's net profit for the half-year drops 44% on high interest rates and depreciation of copper assets.
Net profit rose 1.5% to $33m in year ended March 31, as used car dealer exceeded targets.
Proceeds will be used to pay down debt and fund data centre investment.
Stocks across Asia were weaker on Friday as Middle East conflict weighs.
Inflation expectations remain in check.