Safeway spinoff Blackhawk rises in trading debut

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Associated Press

Posted on April 19, 2013 at 9:00 AM

Updated Friday, Apr 19 at 9:02 AM

NEW YORK (AP) — Blackhawk Network, the gift and prepaid card unit of supermarket chain Safeway, is rising in its trading debut after its IPO raised $230 million.

Blackhawk Network Holdings Inc. priced 10 million shares at $23 each, above the expected range of $20 to $22. That suggested solid demand from investors.

Shares of the Pleasanton, Calif., company now trade on the Nasdaq under the symbol "HAWK." The shares are up 15 percent to $26.40 in midday trading.

Safeway Inc. still owns a majority stake in Blackhawk.

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