UPDATE: IPO fails to create chaos

ChaosMusic shares closed 7 cents down on its issue price at $1.33 after its debut on the Australian Stock Exchange.

The online music store's stock opened at $1.50, up from its final issue price of $1.40.

ChaosMusic CEO and founder Rob Appel said he was "ecstatic" to finally bring the company to market after its formation in 1995.

Appel was "extremely pleased" with the response the company received from its customers who were given a chance to buy shares in a priority offer.

The listing raised approximately $15 million, the lion's share of which will go toward the company's marketing budget. The float will also fund the acquisition of Melbourne-based offline music store, Gaslight.

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