First Data (FDC), U.S. based e-commerce payment processing company, had its eyes set on a $3.7 billion prize for them to obtain by the end of the trading day Thursday. The internet payment company entered Thursday morning with the title of the largest IPO of 2015. Unfortunately, First Data did not achieve their goal in their Wall Street debut and finished the trading day 1.5% lower than its opening price.

The company raised $2.56 billion by selling 160 million shares for $16 per share. Even the share price fell below First Data’s target per share price range of $18 to $20. These decreased prices and totals, as CNN Money reports, were due to “lackluster demand” in the market.

First Data’s “biggest customers, Citi, Bank of America ... are pretty sticky, but some of their smaller customers, the smaller merchants, tend to switch based on price. A lot of the smaller merchants are going to be switching [out of First Data] to simpler payment solutions," Gil Luria, financial technology analyst at Wedbush Securities, told CNBC's "Squawk on the Street" per CNBC.com. "It will be challenging for First Data to maintain its leadership position," Mr. Luria stated.

First Data CEO Frank Bisignano told “Squawk on the Street,” once the trading day began, "It's a great day for us to open. We feel fabulous about [the IPO].” Mr. Bisignano also stated his confidence for his company to compete with the Jack Dorsey founded  Square, Inc., as well as financial services juggernaut Visa (V - Analyst Report).

"If you look at what we've done over the past two years, we've really transformed the company," Mr. Bisignano said. "We were a no-growth company and we've changed that. We changed how we approached our clients ... and changed how we do business with small and medium-sized businesses."

According to the previous CMBC report, First Data was the most active stock in volume traded at the New York Stock Exchange, surpassing the likes of Bank of America (BAC - Analyst Report), General Electric (GE - Analyst Report), and Wal-Mart (WMT - Analyst Report).