Pinnacle Foods (NYSE: PF ) has had a successful first day of trading on the stock exchange. The company's shares were up by 11% over their issue price in after-hours trading, changing hands for $22.20 after hitting the market at $20.
Pinnacle, which produces, markets, and distributes a line of frozen food offerings, said it will net roughly $545.2 million from its listing. With those funds, it will retire chunks of its debt.
Barclays, Bank of America (NYSE: BAC ) subsidiary Merrill Lynch, Credit Suisse (NYSE: CS ) , Morgan Stanley (NYSE: MS ) , and UBS' investment bank unit were the joint book-running managers for the issue.