News Summary: Safeway's Blackhawk rises after IPO

News Summary: Safeway gift-card unit Blackhawk's shares rise after $230 million IPO

Associated Press

NEW YORK (AP) -- THE ACTION: Shares of Blackhawk Network Inc. rose after the company raised $230 million in an initial public offering of stock.

BACKGROUND: Blackhawk is the gift and prepaid card unit of supermarket chain Safeway Inc. Safeway still has a majority stake in Blackhawk.

THE MONEY: Blackhawk is not selling any of the shares in the IPO, so it won't get any of the proceeds. Safeway sold the bulk of the stock.

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