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HBC trades lower following IPO

CBC

Shares in Canada's oldest company lost a little ground in their first day of public trading following a $365 million IPO.

Hudson's Bay Company shares were trading hands at around $16.88 on the TSX on Monday, slightly lower than their $17 IPO price.

HBC stock was traded last week, on a "when issued" basis — meaning only sophisticated institutional investors had access to them.

But Monday was the average investor's first crack at owning a slice of HBC.

The retailer's U.S.-based owners sold 21 million shares at $17 each, raising $365 million that the company says will be used to pay down debt.