Paramount Rises Close To 4% On Debut

(RTTNews) - Real estate investment trust Paramount Group Inc. (PGRE) rose 3.8 percent Wednesday on its debut as a publicly traded company, to close at $18.18, reflecting increasing investor appetite for property trusts.

Tuesday, the company priced its initial public offering of 131 million common shares at $17.50 per share, which was the midpoint of its expected price range of $16 to $19 per share.

The net proceeds of the offering, expected to close on November 24, are estimated to be about $2.1 billion.

Paramount intends to use the proceeds to repay debts and any applicable prepayment costs, among others. The company expects to use any remaining proceeds for general corporate purposes, capital expenditures and potential future acquisitions.