News: UPDATE 1-Australia's Bravura shares fall sharply on debut

(Updates shares, adds private equity context)

SYDNEY, Nov 16 (Reuters) - Shares in Australian financial services software maker Bravura Solutions Ltd (BVS) debuted at a sharp discount to their issue price on Wednesday, continuing what has been a lacklustre year for private equity listings.

The shares traded as much as 20 percent below their issue price of A$1.45 in the first 10 minutes of trading, after the company raised A$148 million ($111.80 million) in the initial public offering. The overall market was flat.

The listing involved selling 48 percent of the company, while private equity owner Ironbridge Capital Pty Ltd kept the rest.

In Australia, money raised in IPOs has fallen to $3.1 billion from $4.39 billion at the same time last year, according to Thomson Reuters data, and offerings led by private equity firms have been greeted with some caution.

Shares of Australia's biggest chicken producer, Inghams Group Ltd (ING), are trading 0.6 percent over their issue price since listing on Nov. 7. Its owner, private equity firm TPG Capital Management LP [TPG.UL], nearly halved the listing's size in the weeks before.

In July, Dick Smith Electronics, sold in an IPO by another private equity firm in 2013, entered administration.