WELLINGTON (Dow Jones)–The reaction to Chorus Ltd.’s (CNU.NZ) debut on the Australian Stock Exchange on Monday was muted following its spinoff from Telecom Corp. of New Zealand Ltd. (TEL.NZ), as the market continues to mull the true value of the two firms.

Chorus’ shares began trading on the Australian Stock Exchange at 0100 GMT and will be listed on the New Zealand Stock Exchange on Wednesday.

Chorus’ shares …