TFI Shares Surge As US IPO Begins On NYSE

Shares of TFI International 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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