Shares in US credit card giant Mastercard soared 15% after its market debut on the New York Stock Exchange, despite the company downplaying its expectations in the light of falling markets.
The IPO priced at $39 - below MasterCard's original forecast of $40 to $43 a share - after the company fell victim to erratic market conditions and rising concerns over its regulatory and legal problems. But the IPO raised $2.4 billion, in the largest US stock sale in two years.
MasterCard shares rose to $44.98 after the opening bell was rung at the New York Stock Exchange, before cooling slightly to $43.50 by mid-day.
Around 61.5 million shares - representing a 46% stake in the company - began trading under the trading symbol MA on Nyse today.
The company will retain $650 million of the proceeds of the sale, with the remainder used to redeem shares held by current shareholders.
The IPO completes MasterCard's transition from a bank-owned association to a public company.
Update
MasterCard shares rose $7.00 - or almost 18% - during their first day of trading and closed at $46.00 on Nyse.