Empire State REIT reaps $929.5M in IPO

Empire State Realty Trust raised $929.5 million in its initial public offering Tuesday. The 71.5 million shares priced at $13, which was at the low end of the expected range of $13 to $15 per share. The deal value could increase to $1.07 billion if underwriters exercise their right to buy additional shares. In that scenario, Empire State REIT would become the largest U.S. REIT IPO since October 2006.

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