Empire State Realty Trust debuts at the New York Stock Exchange at USD 13 per share
Empire State Building owner Empire State Realty Trust Inc debuted on the New York Stock Exchange on Wednesday. After heavy trading, the stock was priced at USD 13.10 per share. Aside from the Empire State Building, Empire State Realty Trust Inc's portfolio includes 11 other office buildings in New York and Connecticut.
Empire State Realty gathered USD 754 million after expenses for its initial public offering (IPO) after selling 71.5 million shares. According to an Associated Press report, the company would use the proceeds from the IPO to pay off its debts. A portion of the money would also be used to pay off some of its shareholders, including Leona Helmsley's estate.
The IPO finally pushed forward after more than a year of planning. Malking Holdings, the owner of Empire State Realty, first filed for an IPO in February 2012. However, some stakeholders opposed the proposal. They said they were misled by the plan and that they would be unfairly burdened with additional taxes because of the IPO. In May, a USD 55 million settlement between Malkins and the shareholders was approved by a New York judge. This finally paved the way for the IPO.