Santander Consumer completes IPO

|By:, SA News Editor

Santander Consumer USA (SC) - the American lending unit of Banco Santander (SAN) - priced the offering last night at $24 per share, reports the NYT, the top end of the previously expected $22-$24 range (which had been bumped to $24-$25 yesterday).

The company's P-E investors - including KKR, Robers, Centerbridge, and Warburg Pincus - plan to sell about 75M shares, up from previous estimates of 65M.

Santander will allow small investors the chance to invest through Loyal3 - an online startup allowing individuals to invest as little as $10 per month to purchase stock.

BTIG's Mark Palmer initiates the stock with a Buy rating and $31 price target, based on 12x his expected 2014 EPS.