CPI Card Group Rises 28% in Trading Debut After Paring IPOby
Card maker's shares started trading Friday on Nasdaq, TSX
Firm Pared Initial Stock Sale Because of Heightened Volatility
CPI Card Group Inc., which makes payment cards for lenders including Bank of America Corp. and American Express Co., rose 28 percent in its U.S. trading debut after “heightened volatility" forced the firm to slash its initial public offering by half to $150 million.
Shares in the Littleton, Colorado-based company rose to $12.80 at 10:18 a.m. on the Nasdaq, up from its $10 IPO price. Shares also rose in Canada.
CPI sold 15 million shares Thursday, below its initial plan to raise $300 million by selling shares for $16 to $18 each. Bank of Montreal, Goldman Sachs Group Inc. and Canadian Imperial Bank of Commerce led the sale.