Meal-kit company My Food Bag launched on the NZX and ASX last Friday after retail investors across New Zealand bought up shares in its IPO according to Stuff.

However, the overall listing fell victim to a “weak” market, with the wider market ending the day down 0.8 per cent and the business ending the day down 5.9 per cent. The business’ shares fell again on Monday, but rose on Tuesday morning.

Chairman Tony Carter welcomed My Food Bag’s new shareholders, and said the listing will be the culmination of eight years’ work.

“We’ve grown from a Kiwi start-up beginning life on the kitchen bench to becoming a New Zealand food powerhouse, inspiring thousands of Kiwi families to eat better each night of the week,” Carter said, according to Stuff.

“On behalf of the My Food Bag Board, I want to thank our team for their dedication through this demanding process and we look forward to the future.”

185 million shares were offered during the listing, which raised around $342 million.

According to Stuff, some analysts believe the listing was overpriced. Investment advisor at Hamilton Hindin Greene Jeremy Sullivan said as much, but noted that the share price had fallen “about as much as the general market had”.

Of the $342 million raised, it is expected just $54.8 million will make it to the business itself – $38.2 million will to go repaying bank debts, $16.7 million will be used to pay IPO costs, and $287.3 million will go to shareholders that are selling their shares.

The listing had been called the biggest IPO to hit the NZX in seven years.