Kiwi software company Gentrack’s first day on the Australian and New Zealand stock exchanges may not have seen stellar lifts. But analysts said the stock’s small price gains were an encouraging sign for the company, given market weakness elsewhere.

Gentrack, which makes specialist software for the electricity, gas, water and airport sectors, listed simultaneously last Wednesday on both sides of the Tasman. It ended its first day’s trading on the NZX at $2.49, 3.8 percent up on its $2.40 listing price.

In Australia, the shares were 5 percent up at $A2.30.

Forsyth Barr analyst Blair Galpin says while it was disappointing the stock price didn’t hold at its highs around $2.60, the result reflected market conditions.

Fellow tech company Serko, which listed last Tuesday, saw its price fall 14 percent on the first day, and Hirepool this week abandoned plans for its IPO after a lacklustre response from investors.

Milford Asset Management senior analyst Brooke Bone says high volumes and the modest increase was a “reasonable debut”.

“Considering what happened with Serko, the fact it held its ground in a tough market is a solid performance. I’d be reasonably happy.”

Gentrack raised $99 million in the float, $36 million of new capital and $63 million for existing shareholders selling down their stakes.

Earlier this week the company released its financial results for the six months ended March 31, reporting revenue of $17.9m, up 6% on 2013, and profit up a similar amount at $5.5m.