Shares in Z Energy have debuted on the stock exchange at $3.73, nearly 7% above the $3.50 issue price.
The shares have been trading in the range of $3.69 to $3.74 and nearly $92 million worth of trades have changed hands so far.
Z Energy is the country's first listed transport fuel distribution company.
The previous owners of the company, infrastructure investor Infratil and the New Zealand Superannuation Fund, sold 60% of the business.
That realised $840 million between them, but together they have retained a 40% holding in the company, making them cornerstone shareholders.
The offer was not open to the public and retail investors who wanted a slice of the petrol retailer had to buy them through a participating broking firm.
Z Energy chief executive Mike Bennetts says about 25% of the shareholders are retail investors and 35% are institutional.
He says it's always good to have a positively received listing and the company is very happy with the start to trading.
"It's very important that we have liquidity on day one. I think if you have a price no one was willing to sell at, that's also not good for markets," he said.
