Blackhawk IPO Raises $230M

PLEASANTON, Calif. — Safeway has raised around $230 million from the sale of shares in its Blackhawk Network gift card subsidiary.

Blackhawk’s initial public offering opened Friday at $23 per share on the Nasdaq exchange. Safeway, which will remain the majority owner of Blackhawk, previously had anticipated a $21 per-share price.

Shares early Friday were up by more than 10%.

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