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.
