Dec 5 (Reuters) - Australian-listed shares of Saluda Medical SLD.AX dropped over 34% on Friday after raising A$231 million ($152.67 million) in its debut on the Australian Securities Exchange.

Saluda, a U.S.-based medical device company developing neuromodulation treatments for chronic neurological conditions, sold 87.1 million new CHESS Depositary Interests at A$2.65, valuing the company at about A$775 million at listing.

The stock began trading at A$1.745, against a 0.1% drop on the Australian benchmark S&P/ASX 200 index .AXJO.

($1 = 1.5131 Australian dollars)

(Reporting by Roshan Thomas in Bengaluru; Editing by Alan Barona)

((Roshan.Thomas@thomsonreuters.com))