initial public offerings (IPOs) trading on American exchanges

Thursday, June 27, 2013

CDW Corp.(CDW) began trading on the NASDAQ on 27 June 2013

CDW Corp. stock jumped early on its first day of trading after the company raised about $396 million from an initial public offering of its common stock.

The information technology company said the offering of about 23.3 million shares was priced at $17 per share, the low end of its projected $17 to $18 price range.

The stock was up 7.3 percent, or $1.24, at $18.24 this afternoon. It's trading on the Nasdaq under the "CDW" ticker symbol.

The underwriters have a 30-day option to buy up to an additional 3.5 million shares.

Vernon Hills-based CDW said in a regulatory filing that it plans to use part of the net proceeds to redeem $156 million senior subordinated notes. It intends to use $24.4 million in proceeds for a one-time payment related to the termination of a management services agreement.

The company also plans to use some of the proceeds to exercise its right under an equity clawback provision related to $175 million senior secured notes.

CDW reported 2012 net income of $119 million on revenue of $10.13 billion. In 2011, the company had net income of $17.1 million and revenue of $9.6 billion.

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