Financial transaction technology vendor TNS has begun trading at $18.50 per share during its IPO debut on the New York Stock Exchange.
The reston, Virginia-based company had priced its initial IPO of 4.4 million shares at $16-$18.
At current prices, TNS stands to raise $81.4 million from the flotation. The firm says the proceeds will be used to repay an outstanding credit facility.
TNS posted a narrower net loss of $1.1 million from revenue of $223 million in 2003.