Shares of HomeSide Inc. began trading Friday. The Jacksonville, Fla., mortgage bank's shares were priced at $15 in an offering led by Merrill Lynch & Co.

The company's registration statement said the stock was expected to sell at $16 to $18 a share. After its first day of trading on the New York Stock Exchange, HomeSide closed at $16.75, up 12%. Its shares trade under the ticker symbol "HSL."

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