BrisConnections, a group that has won a tender to operate an airport toll road in Brisbane, recorded one of the worst Australian stock market debuts in recent memory on Thursday with its share price sinking nearly 60 per cent on its first day of dealing.

The extent of the fall is a setback for Macquarie: the Australian investment bank and specialist infrastructure investor was the sole book-runner to the initial public offering, which raised A$1.2bn (US$1.13bn) in an underwritten offer. It is also likely to tarnish BrisConnections’ ongoing appeal to investors.