CBOT Holdings Inc. shares surged more than 50% in their first day of trading today. By late afternoon, shares of the company, which owns and operates the Chicago Board of Trade futures and commodities exchange, were trading on the New York Stock Exchange at $83.90, up 55.4% from their IPO price of $54. The stock reached an intraday high of $86.75 after opening at $80.75.
CBOT Holdings sold 3.2 million shares for a total value of $172.8 million. According to an SEC filing, the company expects to net as much as $170.4 million from the IPO and plans to use the proceeds for technology improvements, capital expenditures and financing possible acquisitions.