CIBC says it has completed the offering of 13.25 million preferred share units, which begin trading Thursday on the Toronto Stock Exchange under the ticker symbol “CM.UN”.

The offering consisted of one non-cumulative Class A preferred share, series 28, and one non-cumulative Class A preferred share, series 29 purchase warrant and was made through a syndicate of underwriters led by CIBC World Markets Inc.

An initially offering of 12 million units was sold and another 1.25 million units purchased for a total issue of 13.25 million units at $10 each. Gross proceeds raised were $132.5 million.

The securities offered have not been registered in the U.S.