Online surfwear retailer, SurfStitch, has had a choppy stock market debut, with its shares falling up to six per cent during their first day of trading.

SurfStitch shares debuted at 98 cents when they hit the boards at 1200 AEDT before falling as low as 94 cents.

But the stock rebounded in late trade to close at $1, the price investors paid through the company’s $83 million initial public offering.

The IPO valued the Australian-based retailer at $214 million.

SurfStitch, which was founded in 2007 by Lex Pedersen and Justin Cameron, has 271 employees across Australia, the US and Europe.

The company made losses of $6.5 million and $8.1 million in 2013 and 2014 but expects to make a tiny $100,000 profit in 2015.

Revenue more than doubled between 2012 and 2014 and is expected to reach $199 million next year.

SurfStitch was 51 per cent owned by Billabong before the troubled surfwear business sold its stake in August to focus on its core business.