Shares in the Mad Butcher effectively began trading on Wednesday.
The chain's holding company Veritas Investments has completed a backdoor listing after raising $25 million at $1.30 per share to fund the purchase.
The shares fell 2 cents to $1.55 in morning trading.
Investors had sought more than twice the number of shares available
Veritas paid $40 million for the Mad Butcher franchise businesses, $20 million in cash and the rest in shares.
Mad Butcher chief executive Michael Morton is staying with the business. He is now a director of Veritas and its largest shareholder.
