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.
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The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now