CBS Outdoor jumps in 1st day on NYSE

NEW YORK - CBS Outdoor's stock is surging in its debut on the New York Stock Exchange.

Shares of the outdoor advertising subsidiary of CBS Corp. gained $2.24, or 8 percent, to $30.24 in morning trading.

CBS Outdoor Americas Inc.'s initial public offering includes 20 million shares priced at $28 per share. That's at the high end of the expected range of $26 to $28 per share.

The New York company raised $560 million in the IPO.

Once the offering is complete, CBS (CBS) will own more than 80 percent of CBS Outdoor. CBS plans to divest its shares of CBS Outdoor through a split-off later this year. Once that happens, CBS Outdoor said it plans to convert to a real estate investment trust.

CBS Outdoor is trading under the "CBSO" ticker symbol.

CBSNews.com is a unit of CBS Corp.

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