NEW YORK (TheStreet) -- Santander Consumer USA priced 75 million shares at $24 for its initial public offering with Citigroup (C) and J.P. Morgan (JPM) as joint book running managers for the offering.
The stock opened at $25.75 on Thursday and had a high of $26.48 as of 10:30 a.m., by which point it had already amassed a volume of more than 17 million. The company originally intended to offer 65,217,391 shares priced between $22 and $24 a share and was indicated to open between $24.25 and $24.50.
Santander also announced Thursday that it had initiated a letter of intent with Maserati North America to provide multiple auto financing services to Maserati customers and dealers in the U.S. Santander will offer dealer floor plan financing, consumer retail and lease financing for Maserati vehicles and other appropriate services and products. Both Santander and Maserati can decide to initiate a definitive contract at a later date.