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TFI shares surge as US IPO begins on NYSE

Stock in Canadian transportation company trades more than 7% above offering price after CEO Alain Bedard rings opening bell on New York Stock Exchange.

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. 

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.

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. 

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. 


2 Comments

  1. Noble1 suggests SMART truck drivers should UNITE & collectively cut out the middlemen from picking truck driver pockets ! UNITE , CONQUER , & PROSPER ! IMHO

    This company is one of the main carrier’s who is fighting driver inc(misclassified driver employees as independent contractors).

    However , the only way to prevent it is through a law such as AB5 .However , recently F4A apparently preempts AB5 . Therefore through the use and argument that F4A preempts AB5 , major carriers are shooting themselves in the foot BIG TIME !

    Canadian carriers as well as American carriers are asleep at the helm . There’s a major loophole that renders misclassification “legal” through a different set up than the one currently being reported as misused and abused . This other loophole gives the “driver” the legal status as an incorporation with all the tax perks that come along with it which is in compliance with revenue agencies .

    Major carriers and their associations are fighting a battle they cannot win unless they agree to laws such as AB5 which would disrupt themselves in the process .LOL !

    However, they won’t due to they themselves having an advantage over misclassifications in a different way . The absurdity is that carriers attempting to be more competitive through preempting AB5 are strengthening driver inc AND driver inc depends on carrier’s . Driver inc could not exist without the current carrier model .

    In other words carriers have managed to screw themselves , LOL ! They can’t have their cake and eat it too .

    This is beyond hilarious ! It’s just a question of time before the not so smart who apply the current driver inc model wake up and shift to the “legit”one . Let’s see how long it will take them to figure it out , LOL !

    It ain’t sorcery and it doesn’t take a genius . It just takes a little understanding of how things work . When I was approached with the driver inc stupidity , I responded with doing it legit through a different set up . Some have been catching on SLOWLY . That being said , I do not support any misclassification model . I support outsmarting the unethical at their own game . However, the new LEGIT driver inc model within current laws can only be stopped through laws like AB5 , and I support AB5 !

    Carriers , you make it too easy to play YOU at your own game !

    IMHO ………

    1. Noble1 suggests SMART truck drivers should UNITE & collectively cut out the middlemen from picking truck driver pockets ! UNITE , CONQUER , & PROSPER ! IMHO

      Furthermore , the new driver inc legit model gives the “driver” an advantage in both worlds . They are legitimately considered to be CONtractors , however , they still can legally pursue their employer as an employee and be defined as one if the driver chooses to play that card for whatever reason . That being said , no government , nor carrier , nor revenue agency , nor trucking association can deem them to be employees through the new driver inc structure if the driver doesn’t want to be deemed as such .

      More power and freedom to the driver which comes with more responsibility . The new driver inc set up is NOT union proof , LOL ! (wink) . Although that too remains the “driver’s” choice .

      NEXT !

      IMHO ………

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