RAIL and freight operator QR National has made a flat debut on the Australian Securities Exchange.
QR National's opening share price was $2.54 a share, below the initial public offering price of $2.55 a share for institutional investors, but higher than the $2.45 a share price for retail investors.
The former wholly government-owned rail freight company listed on the ASX at midday (AEDT) today, following Australia's second-largest initial public offering that raised $4.6 billion.
The QR National IPO price was at the lower end of the government's target range of $2.50 to $3.
The Queensland government retains about 40 per cent of the company.
The size of the IPO trailed only Telstra Corporation.
QR National national chairman John Prescott and managing director and chief executive Lance Hockridge are to take questions from media at 3.15pm (AEDT).
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