Shares of Terreno Realty are tumbling in the debut of its scaled-back IPO.
The San Francisco industrial real estate investment trust was originally slated to go public in January with an initial public offering of 15 million common shares for $20 each, raising $300 million.
But weakness in the IPO market due to worries over the pace of the economic recovery are forcing underwriters to delay or cut deals down to get them down.
Late Tuesday, Terreno Realty Corp. raised $175 million by selling 8.75 million shares for $20 apiece.
Shares dropped $1.30, or 6.5 percent, to $18.70 in morning trading on the New York Stock Exchange under the symbol "TRNO."
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