Strong IPO launch for CBS Outdoor

CBS Outdoor (CBSO) opens trading at $30.10 after pricing its IPO at $28 per share.

The old-school billboard advertising concern has been growing profitability in recent quarters despite only a slight bump in revenue.

CBS (CBS +2.1%) will still hold an ownership stake in the company following the IPO and will be flush with $2B in cash from its shares and a debt offering dividend.

It's an active day for the Renaissance IPO ETF (IPO).

CBSO SEC Form S-11

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