Irish aviation leasing company Avolon fell 5 percent on its debut on the New York stock exchange despite pricing the shares below its expected range of $21-23.
Avolon, which is headquartered in Dublin, priced its shares at $20 per share yesterday after falls in rivals shares in recent days, valuing the company at $1.6 billion.
The shares were down 4.5 percent at $19.05 before 3pm this afternoon compared to a fall of 0.4 on the S&P 500.
Post IPO, the value of the whole enterprise is estimated to be over $6 billion.
It is the largest capital-raising by an Irish company in the last seven years.
Avolon is the latest Irish success story in the field of aviation leasing.
It formed just over four years ago but is already the third largest independent aircraft leasing company in the world.
The business was founded and is led by Domhnal Slattery, CEO and Chief Commercial Officer, John Higgins.
The company has a fleet of 227 aircraft, 134 of which are currently flying, the others have yet to be delivered.
It has 49 customers in 27 countries including; Ryanair, American Airlines, Air France, Virgin Atlantic, KLM, Air Asia, Etihad and Aeroflot.
Ireland is the world's leading centre for aircraft leasing as half of all leased aircraft in the world come out of the country.
