Delphi Automotive Plc's
Shares of the company were down 1 percent at $21.74 in early trade on the New York Stock Exchange, with over 5 million shares changing hands in the first half hour of trading.
Delphi, the No. 6 auto supplier in North America last year, priced its IPO of 24.1 million shares at $22 apiece. It had expected an offer price between $22 and $24 a share.
Troy, Michigan-based Delphi itself did not sell any shares in the offering. The IPO consisted of shares sold by some stockholders, including 20.6 million shares from hedge fund Paulson & Co.
The IPO raised about $530 million, and at its current trading price values the company at roughly $7.14 billion.
Since 2005, when it was the largest U.S. auto components supplier, Delphi has whittled down its business and simplified its capital structure. It exited 11 businesses and streamlined its product lines to 33 from 119, according to a filing in May when Delphi first said it would pursue an IPO.
Delphi came out of four years in bankruptcy in 2009 after GM and hedge funds Silver Point Capital LP and Elliott Management took a controlling stake in the company.
Earlier this year, it bought back the stakes held by GM and Pension Benefit Guaranty Corp for about $4.4 billion in a bid to simplify its capital structure.
While Europe is its single largest market, accounting for more than two-fifths of its sales, GM remains Delphi's largest customer.
Goldman Sachs and J.P. Morgan led underwriters for the offering.
(Reporting by Brenton Cordeiro in Bangalore; Editing by Supriya Kurane)