IPO Roundup: Citizens shares rise in debut
NEW YORK (AP) — Shares of Citizens Financial Group rose on their first day of trading joining a broader rally in the markets.
The bank's debut was one of at least five initial public offerings on Wednesday. Other companies that went public include a discount retailer, a drug developer and an IT security company.
Here's how Wednesday's IPOs fared:
CITIZENS FINANCIAL GROUP INC.
The bank, based in Providence, Rhode Island, is the U.S. banking unit of The Royal Bank of Scotland Group. Citizens has about 1,200 branches across the Northeast and Midwest. It raised about $3 billion in after offering 140 million shares at $21.50 per share. The stock, listed on the New York Stock Exchange under the symbol "CFG," rose $1.58 to close at $23.08.
VITAE PHARMACEUTICALS INC.
The autoimmune disease drug developer raised $550 million after offering nearly 6.9 million shares at $8 per share. The Fort Washington, Pennsylvania-based company will use the money raised to fund clinical trials of its drugs. The stock, which is listed on the Nasdaq stock exchange under the symbol "VTAE," fell 39 cents to close at $7.61.
SMART & FINAL STORES INC.
The warehouse store operator, based in Commerce, California, sells discounted groceries, cleaning supplies and other items in bulk. It raised $161.4 million after offering 13.45 million shares at $12 per share. Smart & Final plans to use the money raised to pay down debt. The stock, which is listed on the New York Stock Exchange under the ticker symbol "SFS," rose 1 cent to close at $12.01.
CYBERARK SOFTWARE LTD.
The Newton, Massachusetts-based company offers security products that protect organizations from cyberattacks. The company raised about $85.8 million after offering 5.36 million shares at $16 per share. CyberArk said it plans to use the money raised for sales and marketing to grow its business. The company's stock, which is listed on the Nasdaq under the symbol "CYBR," surged 87 percent, or $13.93, to close at $29.93.
MEDLEY MANAGEMENT INC.
The New York-based asset management firm raised $108 million after offering 6 million shares at $18 per share. It plans to use the money raised to pay down debt. The stock, listed on the New York Stock Exchange under the ticker symbol "MDLY," fell $1.60 to $16.40.