CBS Outdoor jumps in 1st day on NYSE

Associated Press

NEW YORK (AP) — CBS Outdoor's stock is surging in its debut on the New York Stock Exchange.

Shares of the outdoor advertising subsidiary of CBS Corp. gained $2.24, or 8 percent, to $30.24 in morning trading.

CBS Outdoor Americas Inc.'s initial public offering includes 20 million shares priced at $28 per share. That's at the high end of the expected range of $26 to $28 per share.

The New York company raised $560 million in the IPO.

Once the offering is complete, CBS will own more than 80 percent of CBS Outdoor. CBS plans to divest its shares of CBS Outdoor through a split-off later this year. Once that happens, CBS Outdoor said it plans to convert to a real estate investment trust.

CBS Outdoor is trading under the "CBSO" ticker symbol.

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