BUZZ-CPI Card Group: Strong debut after significant overhaul

Fri Oct 9, 2015 11:03am EDT
 
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** Shares of CPI Card Group Inc jump more than 30 pct after company restructures its IPO twice

** Shares open at $11 and gain momentum, touch a high of $13.05 before paring gains

** Credit card producer offers 15 mln shares at $10

** Deal transforms to all-primary and prices below both the original $16-$18 range and revised $12-$13 target filed midday on Wednesday

** Vancouver-based PE firm Tricor Pacific Capital, which had intended to cut its stake in the deal, is largest shareholder with 84-pct stake

** IPO also marketed in Canada and co's stock conditionally approved to list on the Toronto Stock Exchange under symbol "PNT"

** Deal indicative of headwinds IPO aspirants have faced recently

** IPO market faces major test next week with what would be year's two biggest deals from First Data Corp ($3.2 bln) and Albertsons Companies ($1.7 bln) (RM: lance.tupper.thomsonreuters.com@reuters.net)