Shares in newly listed Z Energy have closed at $3.66, down from its debut price but 4.5% above the offer price of $3.50.
The stock in the country's first listed transport fuel distribution company began trading at $3.73.
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 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.
"It's always good to start above where you actually listed it and sold it to everybody in the pre-allocation process.
"So yes, we're very, very happy."
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.