Shares of Ares Management fell 4 percent in the company’s first day of trading on Friday after the private equity firm cut the size of its initial offering.

The Century City company on Thursday night priced the nearly 11.4 million units at $19 each, below an earlier expected range of $21 to $23.

The offering raised an estimated $216 million and values the firm at $4 billion, both less than initially hoped for.

Ares and an existing investor, the Abu Dhabi Investment Authority, had been expected to sell a total 18.2 million shares, but the authority decided to retain its entire stake.

Shares closed down 82 cents to $18.63 on the New York Stock Exchange.