John McGrath's real estate group McGrath Limited sagged on its first day on the ASX, finishing the day 12 per cent below the IPO price of $2.10.

Over 7 million shares – or 5 per cent of the register – changed hands as the stock moved from $1.94 at the open, to a high of 2.03 before slumping, on a largely positive day for the market, to close at $1.835.