Australia's biggest initial public offering (IPO) since Kathmandu, Miclyn Express Offshore, failed to maintain its good performance.

After showing a good performance, just after the opening, the float gave in to bullish tendencies and shed the early gains. Starting in the morning at $1.92, which was 2 cents higher than its issue price, it went up to $1.95.

This happened even though, at the same time, ASX went down by 1 per cent.

But finally, the IPO touched a low level of $1.85 before closing down flat, since the bullish nature of the market affected the investors of Miclyn, too. This also puts a question on the overall investor confidence on the Australian IPO market.

This IPO was even more important because it came as the first big one after two aborted attempts by Q Copper and Talison Lithium. Myers IPO also got a lukewarm approach.

All in all, the company expected to raise as much as $284 million through this floating. It is being aimed at by selling stakes of Macquarie, one of the lead managers and also Michael Kum, the founder of Miclyn.

During the whole process, as many as 30 million shares were traded.