NEW YORK (AP) — Shares of Empire State Realty Trust are edging higher after the company's initial public offering raised about $754 million.
The real estate investment trust owns the Empire State Building and 11 other office properties. It sold 71.5 million shares for $13 per share, which was at the low end of its prior estimate.
Empire State Realty Trust said it raised $754.4 million after expenses, commissions, and discounts.
The stock gained 33 cents, or 2.5 percent, to $13.33. It listed on the New York Stock Exchange under the ticker symbol "ESRT."
Empire State Realty Trust Inc. will use the proceeds of the IPO to fund transactions and fees and pay holders of interest in existing entities, including the Helmsley estate.
The underwriters of the IPO can buy another 10.7 million shares.