Propertylink slumps on its ASX debut

Propertylink CEO Stuart Dawes, left, and vice chairman Stephen Day. Pic: James Croucher

Propertylink has been shunned by investors on its first day of trade, losing as much as 9 per cent despite a positive showing from the broader market.

The landlord and property funds manager raised $502 million from investors through an initial public offering at a price of 89c a share.

At 1.20pm (AEST), its shares were trading down 5.9 per cent at 83.8c, having earlier fallen as low as 81c.

The lacklustre showing came after the company priced near the bottom end of its 75c to $1.49 range, suggesting muted support from investors.

Propertylink listed after wrapping up the $170m purchase of a portfolio of industrial, warehouse and logistics assets owned by Sydney-based Denison, a step toward its goal of housing $2bn in property assets.

The disappointing debut came after Viva Energy REIT showed the way for the property sector earlier this week, with the petrol station property owner surging 16 per cent through its first day of trade.