Shares of Santander Consumer USA are rising in their New York Stock Exchange trading debut after the auto loan financing company’s initial public offering raised $1.8 billion.
The stock, trading under the symbol “SC,” is up $1.99, or 8.3 per cent, at $25.99 in morning trading.
The Dallas-based company, a spinoff of Spanish bank Banco Santander, priced the IPO of 75 million shares at $24 per share. The banks managing the IPO also have an option to buy another 11.2 million shares, which would add to proceeds.
Shares were sold by existing stockholders. Santander Consumer USA Inc. won’t receive any proceeds from the offering.
Santander Consumer USA originates loans for both new and used cars, mainly through auto dealers.
