TFI shares surge as US IPO begins on NYSE
TFI International's Canadian truckload carriers include TST Overland Express. (Photo: Jim Allen/FreightWaves)
Shares of TFI International (NYSE:TFII) surged on the New York Stock Exchange Thursday morning after Canada's largest transportation company began its U.S. initial public offering.
[1] Trading under the symbol TFII, the stock traded more than 7% above the £33.55 offering price after CEO Alain Bedard rang the opening bell on the NYSE.
[2] TFI is seeking to raise about £200 million by selling 6 million shares in the U.S.
More than 90% of TFI's shares trade on the Toronto Stock Exchange, with a market cap of about C£3.8 billion.
[3]
TFI announced the offering on Monday after releasing its fourth-quarter results.
The company plans to use the proceeds to pay down an existing credit facility, something that Bedard said could open the door to more acquisitions.
[4][5]
References
- ^ NYSE:TFII (sonar.surf)
- ^ rang the opening bell on the NYSE (vimeo.com)
- ^ raise about £200 million (www.freightwaves.com)
- ^ announced the offering on Monday (www.freightwaves.com)
- ^ fourth-quarter results (www.freightwaves.com)
