UPDATE 3-Hudson's Bay to raise C$365 mln via IPO
* Department store operator raising less than planned
* Offering at C$17 a share set to close on Monday
* Shares ebb as trading begins on "when-issued" basis
By Euan Rocha and Allison Martell
TORONTO, Nov 20 (Reuters) - Canada's Hudson's Bay Co is set to raise C$365 million ($367 million) in its initial public stock offering, well below the department store operator's original target of about C$400 million.
HBC has priced the offering of 21.48 million shares at C$17 apiece - at the bottom of the company's already lowered range of C$17 to C$18. The offering price pegs its market capitalization at about C$2 billion.
The shares began trading on the Toronto Stock Exchange on Tuesday on a "when-issued" basis, sliding 1.5 percent from the offer price to C$16.75. The stock is trading under the symbol "HBC," the same as it did before going private in 2006.
Trading volume in the stock was significant, with more than 3 million shares changing hands by 1400 ET, making HBC one of the 10 most actively traded stocks on the TSX.
"This gives you an indication of where people would buy and sell the stock today ... But it is only the more speculative people trading in the market right now, not a full complement of players," said one trader, who does not own any position in the stock but asked to remain unnamed. Continued...