Shares in Australia's Nine Entertainment Co Pty Ltd opened almost flat on their debut on Friday after the company raised A$636 million ($575 million) in its initial public offering.

Shares in the media and entertainment company opened at A$2.02, slightly lower than its IPO price of A$2.05. The stock last traded at A$2.02, valuing the company at A$1.9 billion.

Nine's listing comes about a year after it avoided receivership with U.S. private equity funds Oaktree Capital Group OAK.N and Apollo Global Management APO.N taking control in a more than $3 billion debt-for-equity swap.