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Wednesday, September 24, 2014

Food retailer Smart & Final's shares rise about 11.6 percent in debut, (NYSE: MS)

Shares of Smart & Final Stores Inc rose about 11.6 percent in their debut, valuing the century-old food retailer at $951.44 million. Smart & Final raised about $161.4 million, after its offering was priced at $12 per share, the low-end of its expected price range of $12-$14.The company, backed by private equity firm Ares Management LP, is selling all the 13.45 million shares in the offering.Smart & Final's shares opened at $13.10 and touched a high of $13.39.The California-based company listed Credit Suisse, Morgan Stanley and Deutsche Bank Securities among its major underwriters.

Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.66% or $-0.23/share to $34.79. In the past year, the shares have traded as low as $26.41 and as high as $36.44. On average, 8792150 shares of MS exchange hands on a given day and today's volume is recorded at 855627.