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Paramount Sets New Record for REIT IPO

NEW YORK CITY—Shares of the office landlord's stock were up as trading on the New York Stock Exchange began Wednesday, following an IPO that eclipsed Douglas Emmett's in 2006.

By Paul Bubny | Updated on November 19, 2014

NEW YORK CITY—Paramount Group Inc. has made its public-markets debut, setting a new record for a REIT’s initial public offering with a $2.3-billion IPO. Sales of the office landlord’s stock began on an upbeat note Wednesday, with shares trading at 5.9% higher than the IPO price of $17.50 per share, or $18.49 per share.

Trading on the New York Stock Exchange under the PGRE symbol, Paramount—which owns properties in New York City, Washington, DC and San Francisco—expects net proceeds of $2.1 billion from the IPO. It has granted underwriters a 30-day option to buy up to 19.65 million shares at the IPO price to cover overallotments, which would garner about $340 million more in gross proceeds. Bank of America Corp., Morgan Stanley and Wells Fargo & Co. are listed as joint lead arrangers and joint bookrunners.

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