A beefed-up portfolio, stronger earnings outlook and an extra $100 million in spending firepower failed to fire up the biggest IPO of the year, Home Consortium's Daily Needs REIT of convenience malls anchored by supermarkets and large-format retailers.

Units in the real estate investment trust, which offers investors exposure to a nearly $900 million portfolio, ended the first day of trading up just 1¢ – or 0.75 per cent – above the offer price of $1.33 on a day when the All Ordinaries Index finished in marginally positive territory.