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TFI shares surge as US IPO begins on NYSE

Stock in Canadian transportation company trades more than 7% above offering price after CEO Alain Bedard rings opening bell on New York Stock Exchange.

TFI International's Canadian truckload carriers include TST Overland Express. (Photo: Jim Allen/FreightWaves)

Shares of TFI International (NYSE:TFII) surged on the New York Stock Exchange Thursday morning after Canada’s largest transportation company began its U.S. initial public offering. 

Trading under the symbol TFII, the stock traded more than 7% above the $33.55 offering price after CEO Alain Bedard rang the opening bell on the NYSE.

TFI is seeking to raise about $200 million by selling 6 million shares in the U.S. More than 90% of TFI’s shares trade on the Toronto Stock Exchange, with a market cap of about C$3.8 billion. 

TFI announced the offering on Monday after releasing its fourth-quarter results. The company plans to use the proceeds to pay down an existing credit facility, something that Bedard said could open the door to more acquisitions. 

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  1. Noble1 suggests SMART truck drivers should UNITE & collectively cut out the middlemen from picking truck driver pockets ! UNITE , CONQUER , & PROSPER ! IMHO

    This company is one of the main carrier’s who is fighting driver inc(misclassified driver employees as independent contractors).

    However , the only way to prevent it is through a law such as AB5 .However , recently F4A apparently preempts AB5 . Therefore through the use and argument that F4A preempts AB5 , major carriers are shooting themselves in the foot BIG TIME !

    Canadian carriers as well as American carriers are asleep at the helm . There’s a major loophole that renders misclassification “legal” through a different set up than the one currently being reported as misused and abused . This other loophole gives the “driver” the legal status as an incorporation with all the tax perks that come along with it which is in compliance with revenue agencies .

    Major carriers and their associations are fighting a battle they cannot win unless they agree to laws such as AB5 which would disrupt themselves in the process .LOL !

    However, they won’t due to they themselves having an advantage over misclassifications in a different way . The absurdity is that carriers attempting to be more competitive through preempting AB5 are strengthening driver inc AND driver inc depends on carrier’s . Driver inc could not exist without the current carrier model .

    In other words carriers have managed to screw themselves , LOL ! They can’t have their cake and eat it too .

    This is beyond hilarious ! It’s just a question of time before the not so smart who apply the current driver inc model wake up and shift to the “legit”one . Let’s see how long it will take them to figure it out , LOL !

    It ain’t sorcery and it doesn’t take a genius . It just takes a little understanding of how things work . When I was approached with the driver inc stupidity , I responded with doing it legit through a different set up . Some have been catching on SLOWLY . That being said , I do not support any misclassification model . I support outsmarting the unethical at their own game . However, the new LEGIT driver inc model within current laws can only be stopped through laws like AB5 , and I support AB5 !

    Carriers , you make it too easy to play YOU at your own game !

    IMHO ………

    1. Noble1 suggests SMART truck drivers should UNITE & collectively cut out the middlemen from picking truck driver pockets ! UNITE , CONQUER , & PROSPER ! IMHO

      Furthermore , the new driver inc legit model gives the “driver” an advantage in both worlds . They are legitimately considered to be CONtractors , however , they still can legally pursue their employer as an employee and be defined as one if the driver chooses to play that card for whatever reason . That being said , no government , nor carrier , nor revenue agency , nor trucking association can deem them to be employees through the new driver inc structure if the driver doesn’t want to be deemed as such .

      More power and freedom to the driver which comes with more responsibility . The new driver inc set up is NOT union proof , LOL ! (wink) . Although that too remains the “driver’s” choice .

      NEXT !

      IMHO ………

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Nate Tabak

Nate Tabak is a Toronto-based journalist and producer who covers cybersecurity and cross-border trucking and logistics for FreightWaves. He spent seven years reporting stories in the Balkans and Eastern Europe as a reporter, producer and editor based in Kosovo. He previously worked at newspapers in the San Francisco Bay Area, including the San Jose Mercury News. He graduated from UC Berkeley, where he studied the history of American policing. Contact Nate at [email protected].