Shares in the rubber export firm closed at 145,000 dong ($8.98) on the Ho Chi Minh Stock Exchange, having listed at 150,000 dong.
Taniruco, now the 109th listed firm on Vietnam's main exchange, was valued at nearly $270 million.
One broker who declined to be named said Taniruco shares had traded at around 110,000 dong on the grey market, while another grey market quotation on July 21 had the price at between 102,000-105,000 dong a share.
"On the first trading day companies like to have something concrete to make a good image," he said, adding that on their debut shares normally perform within a 5 percent band of their unofficial price.
In Vietnam investors can trade shares within a 20 percent band on their debut date, according to stock market rules.
The VN Index has run out of steam in the last month, losing almost 7 percent. But it is still up around 31 percent so far this year after surging 145 percent in 2006.
Taniruco, based in the southern province of Tay Ninh, said it expects a 40 percent rise in 2007 net profit to 200 billion dong. The first quarter's net earnings totaled 45.6 billion dong ($2.8 million), company reports said.
Source: Reuters
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