News Summary: Safeway's Blackhawk rises after IPO
NEW YORK (AP) — THE ACTION: Shares of Blackhawk Network Inc. rose after the company raised $230 million in an initial public offering of stock.
BACKGROUND: Blackhawk is the gift and prepaid card unit of supermarket chain Safeway Inc. Safeway still has a majority stake in Blackhawk.
THE MONEY: Blackhawk is not selling any of the shares in the IPO, so it won't get any of the proceeds. Safeway sold the bulk of the stock.