The firm, which tried to sell the business alongside fellow owners UBS two years ago, was hoping for an A$500m valuation through the listing according to Reuters.
CVC bought Mantra in 2008 while UBS, which funded the buyout, acquired a 40 per cent stake via a debt for equity swap.
Mantra listed on the Australian Stock Exchange.
The shares first traded at A$1.85 compared to their A$1.80 issue price, Reuters said.
Hotel and resort operator Mantra has more than 11,000 rooms under management across Australia, New Zealand and Indonesia.
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