Empire State announces IPO pricing

By IVCPOST Staff Reporter

Oct 01, 2013 09:00 PM EDT

Empire State Realty Trust Inc. is a real estate investment trust headquartered in Maryland. The company owns, manages, operates, acquires and repositions office and retail properties in greater New York and Manhattan.

Empire State Realty Trust Inc. announced today the pricing of its initial public offering of 71,500,000 shares if its Class A common stock. This was priced at USD13 per share piece. The company also granted the underwriters a 30 day option to acquire up to 10,725,000 additional shares of Class A common stock at the initial public offering price, less underwriting discount.

The company's shares of Class A common stock would start trading on October 2, 2013. Empire State would trade on the New York Stock Exchange under the trading symbol ESRT. The trading was expected to close on October 7, 2013. The net proceeds of the offering had been expected to reach around USD754.4 million after underwriting discounts, commissions and estimated offering expenses. The proceeds of the IPO would be used to fund certain formation transaction costs and fees. It would also use to pay holders of interests in the existing entities that included the Helmsley estate.

Goldman Sachs & Co and BofA Merrill Lynch were appointed as joint book running managers for the IPO.

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