Canadian Satellite Radio Holdings Inc. completed a $55-million initial public offering Monday and started trading on the Toronto Stock Exchange.

CSR shares were down 2.13 per cent, or 34 cents, to $15.66 in morning trading.

The Toronto-based holding company, launched by Toronto Raptors basketball team founder John Bitove, operates as XM Canada to offer listeners more than 80 largely commercial-free channels.

The XM Canada radio service, priced at $12.99 a month, began broadcasting on Nov. 22.