The new stock,which was allocated on a one-for-one basis to existing Wesfarmers investors,rose to as high as $13.34 and closed at $12.75 - within analysts'expectations of between about $11 and $14.52.
Wesfarmers,which is holding onto 15 per cent of Coles'shares,meanwhile closed at $31.96,giving the group a market value of $36.2 billion.
The conglomerate said the spin-off would deliver faster growth to Wesfarmers by aligning its fortunes with its earnings powerhouse Bunnings,while creating a defensive,dividend-yielding investment in Coles.
Chris Tynan from DNR Capital said that with the combined value of the two companies landing broadly at the same price Wesfarmers had been trading at,the transaction had not yet created significant value for shareholders.
He said a softening housing market had potentially dampened enthusiasm for the Bunnings hardware chain,which now accounts for the bulk of Wesfarmers'earnings.
“Three months months ago,I dare say it (Wesfarmers) would have come on at a higher multiple because of the Bunnings exposure,but that’s probably reversed,"Mr Tynan said.
At $12.49 a share,Coles is trading at a value of 21.2 times its earnings,compared to Woolworths'price/earnings ratio of 23.4 times.