Remember those days when initial public offerings would rocket higher? This isn’t one of those days. First Data (FDC), the payment processing company, went public Thursday in the largest IPO this year. First Data raised more than $2.5 billion in its debut, after selling 160 million shares priced at $16. But the initial price was below the expected range, and within a half hour of trading, shares of First Data has fallen below the open price. At midday, the stock was trading up less than 1%. Company executives said they weren’t disappointed by the debut. ‘It’s really about long term strategy,’ said Guy Chiarello, President of First Data. ‘We feel the company is very well positioned for growth.’ Proceeds from First Data’s IPO will be used to pay down debt. Chiarello said the company has a ‘surgical process’ to pay down a lot of debt coming to maturity next year, something that will help the company achieve and sustain profitability. ‘We are absolutely focused on 2016 as a profitable year,’ said Chiarello. First Data’s debut comes just one day after a potential competitor, digital payments company Square, filed for an IPO.