Kraft Foods (KFT) priced its initial public offering of 280 million shares at $31 each -- the high end of the latest expected range -- raising $8.7 billion for the food company.
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The highly anticipated IPO ranked as the second-largest in U.S. history, behind only last year's initial public offering of
Kraft's parent company,
, sold about 16% of its stake to the public. Philip Morris will retain an 84% interest in Kraft.
Shares of Kraft will begin trading on the
New York Stock Exchange tomorrow.