MasterCard shares skyrocket on trading debut
Shares in the global credit card network provider rose 15% on the first day of trading at the New York Stock Exchange (NYSE).
<p>MasterCard managed to raise $2.4 billion, the largest US stock sale in two years, according to reports from Finextra.com.<br /><br />With the IPO priced at $39, the shares rose to $44.98 after the markets opened, settling at $43.50 by midday and closing at $46.00.<br /><br />Around 61.5 million shares - representing a 46% stake in the company - began trading under the trading symbol 'MA' on Thursday May 25.<br /><br />The company will retain $650 million of the proceeds of the sale, with the remainder being used to redeem shares held by current shareholders.<br /><br />The IPO completes MasterCard's transition from a bank-owned association to a public company.<br /><br />Listing on the NYSE marks a major milestone for MasterCard and reinforces our commitment to continued growth and building value for our customers and stockholders, said Robert Selander, MasterCard's president and CEO.</p>
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