Private equity-backed car finance company Santander Consumer USA surged in its stock market debut.
Shares in Santander Consumer USA, which is Spanish banking group Santander’s US-based car finance unit, rallied to over $26 per share in the first hours of trading from $24.
Private equity firms Centerbridge Partners, KKR and Warburg Pincus owned a combined 24 per cent stake in the business prior to the IPO. Santander held a 65 per cent interest, while founder Tom Dundon owned 11 per cent.
The company raised $1.8bn via its IPO on the New Yoprk Stock Exchange and is trading under the symbol SC.
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