Via Transportation shares fell 4.4 per cent in their NYSE debut on Friday, valuing the transit technology maker at $3.5 billion.

The New York-based company’s stock opened at $44, below its $46 offer price. Via and selling shareholders raised $493 million by selling 10.7 million shares, priced above the marketed range of $40 to $44 apiece.

The U.S. IPO market has been recovering after a lull tied to tariff-related uncertainties earlier this year, though investors remain selective.