MoneyWatch

CBS Outdoor jumps in 1st day on NYSE

/ AP

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.

First published on March 28, 2014 / 10:36 AM EDT

© 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.

f

We and our partners use cookies to understand how you use our site, improve your experience and serve you personalized content and advertising. Read about how we use cookies in our cookie policy and how you can control them by clicking Manage Settings. By continuing to use this site, you accept these cookies.