Tags: US | Excel | Trust | IPO | Mover

Shares of REIT Excel Trust Edge up in IPO Debut

Friday, 23 Apr 2010 12:35 PM

 

Shares of retail real estate investment trust Excel Trust are slightly higher in their IPO debut.

The San Diego company's initial public offering raised $210 million, the biggest of the week's seven deals. Shares had priced at $14, below expectations of $16 to $18.

The stock, trading on the New York Stock Exchange under the symbol "EXL," opened at $13.25 and have risen as high as $13.48. Shares are up 12 cents at $13.37.

Excel Trust Inc. says net proceeds of the IPO without underwriters buying extra shares are about $193.8 million. The company will spend it on buying properties.

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