The shares in Dick Smith Holdings Ltd increased 3.6% on its debut on Wednesday. The lift came after the Australian electronics retailer raised USD315 million in its initial public offering (IPO), according to Reuters.

Dick Smith's IPO provided a profitable partial exit for its private equity owners. The retailer's shares opened at AUD2.28 compared with its AUD2.20 and last traded at AUD2.32. This gave the company a valuation of almost AUD550 million, the report explained.

Australian firm Anchorage Capital Partners reduced its stake in Dick Smith to 20% from 98% in the said IPO. Anchorage had bought the electronics seller from Woolworths Ltd just more than one year ago for an initial AUD20 million and subsequent payments amounting to AUD74 million in total, the report said.

Macquarie Group and Goldman Sachs were joint lead managers on Dick Smith's IPO, Reuters reported.

Dick Smith Holdings Ltd is a retailer of consumer electronics. The company has 359 stores across Australia and New Zealand. The firm operates through its physical stores, online shops, mobile apps, and mobile shops, according to its website.