In Brief: Subprime BNC Shares Climb 22% on 1st Day

BNC Mortgage Inc., a subprime lender, went public last week at $9.50 a share. The shares rose $2.125, or 22%, to $11.625 on Wednesday, its first day of trading. The stock edged up to $11.6875 on Thursday.

The company offered 3,173,196 shares of its common stock.

Of the shares offered, 1.4 million were offered by the company and 1,773,196 were offered by a selling stockholder.

The company has 5.4 million shares outstanding after the offering. The proceeds will be used to fund loan originations and for general corporate purposes.

CIBC Oppenheimer Corp. acted as lead manager with Piper Jaffray Inc. as co-manager.

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