Biz Brief: CBOE Prices IPO at Top of Range

CBOE Holdings (CBOE), the parent of North America's last major unlisted financial exchange -- The Chicago Board Options Exchange -- said late Monday it priced shares in its initial public offering at $29 -- the top of the expected range.

CBOE sold 11.7 million shares, raising about $339 million. It had planned to sell 11.7 million shares for $27 to $29 each. That price put CBOE's market value at about $3 billion and also meant that the shares were selling at 28 times earnings, according to Bloomberg.

CBOE will start trading today on the Nasdaq under the same ticker. Shares in IPOs have historically risen 10% to 15% in their first day of trading.

The highly anticipated CBOE IPO and the apparent investor demand in what has been a rocky market for new U.S. issues could be a bright spot in the U.S. market.

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