Shares of CHC Group Ltd (HELI.N), the world's largest commercial helicopter operator, fell as much as 7 percent in their market debut, valuing the company at about $700 million.
The Cayman Islands-based company raised $310 million after its initial public offering was priced at $10 per share, below its expected price range of $12-$14.
CHC shares opened at $9.30 on the New York Stock Exchange on Friday.
CHC was taken private in a $1.48 billion deal in 2008 by energy-focused private equity firm First Reserve Corp, which holds about 61.3 percent of the company.
JP Morgan and Barclays were the lead underwriters of the offering.
(Reporting By Neha Dimri in Bangalore; Editing by Joyjeet Das)