Shift4 Payments Surges 46% in Stock Market Debut

It seems that a new finance sector star has been born. On Friday, shares of specialty payment solutions provider Shift4 Payments (NYSE: FOUR) soared on their first day of trading, a day after the company launched its initial public offering (IPO). From a higher-than-expected IPO price of $23, the stock rocketed to close the day at $33.54.

All told, Shift4 reaped $345 million in gross proceeds in the IPO. In the issue's prospectus, the company says it will utilize its share of these funds to retire debt and for "general corporate purposes."

Image source: Shift4 Payments.

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Source Fool.com