 Mastercard is second only to Visa in the credit card market |
Shares in US credit card giant Mastercard rose 15% to $44.70 (�23.90) after its stock market debut. The flotation raised $2.39bn - the biggest initial public offering of shares in two years, surpassing Google's $1.7bn offering in 2004.
Yet the world's number two credit card firm had expected to raise even more.
Weak market conditions and legal wrangles weighed on investors' sentiment, though Mastercard was nevertheless valued at almost $6bn.
"There seems to be enough faith in their business model for people to accumulate the stock," said Peter Dunay, chief investment strategist with New York investment firm Leeb Group.
By the end of trading, the shares had climbed even higher, closing at $46 on the New York Stock Exchange.
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