Seeking Alpha

Gift card seller Blackhawk Network (HAWK) delivers a solid IPO. After pricing its 10M-share...

Gift card seller Blackhawk Network (HAWK) delivers a solid IPO. After pricing its 10M-share offering at $23, above a range of $20-$22, the Safeway (SWY -0.5%) unit opened at $25 and is currently trading at $25.62, up 11.4%. That gives Blackhawk, which sells cards via a network of 100K+ retail locations and supports top brands such as Apple, Visa, and Starbucks, a market cap of $1.33B. Blackhawk posted 2012 revenue of $959.1M (+28% Y/Y), and net income of $48.2M. Safeway now owns 81% of the company. (S-1)
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