(Bloomberg) -- Sweden’s biggest listed residential property firm received a lukewarm welcome from investors on its first day of trading in Stockholm.

Sveafastigheter AB, the housing division spun out from Samhallsbyggnadsbolaget i Norden AB, fell as much as 4.3% to 37.80 Swedish kronor ($3.60) on Friday, below the 39.50 kronor they were priced at in the IPO. That was already at the lowest end of the indicated range ahead of the listing.

With some 14,500 apartments under management and a further 7,900 in project development or under construction, the company is the biggest of its kind listed in Sweden. The IPO price values the company at about 7.9 billion kronor.

The development side of the business should have greater weight in terms of the company’s valuation, Chief Executive Officer Erik Havermark recently told Bloomberg in an interview, questioning whether investors fully understood that part of the business in comparison to other residential companies.

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