Online property exchange Pexa Group Ltd. slipped in its trading debut on Thursday after raising about A$1.2 billion ($899 million) in Australia’s largest initial public offering so far this year.

Shares opened at A$17, before falling to A$16.40. That’s down 4.3% from their IPO price of A$17.13. The sale, which gives Pexa an enterprise value of A$3.3 billion, outpaced non-bank lender Pepper Money Ltd.’s A$500 million offering earlier this year.

Australia’s IPO market has fizzled in recent months after a promising start to 2021. Three companies that were seeking to raise an almost A$900 million combined pulled their offerings in May on weak investor demand.

Link Administration Holdings Ltd. on Tuesday said it will hold 42.8% of Pexa equity after the IPO.