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Shares of real estate company Paramount rise in debut

Reuters - UK Focus

Nov 19 (Reuters) - Shares (Frankfurt: DI6.F - news) of Paramount Group Inc rose as much as 5.7 percent in market debut, valuing the owner of San Francisco's landmark One Market Plaza building and Washington DC's Liberty Place at $4.51 billion.

The initial public offering raised $2.29 billion, making it the second-largest IPO of a REIT globally, after Hong Kong's Link REIT (HKSE: 0823-OL.HK - news) 's $2.79 billion public offering in 2006.

The company's shares were priced at $17.50 per each, the mid-point of the expected range.

The shares opened at $18.49 on the New York Stock Exchange and touched a high of $18.50.

BofA Merrill Lynch, Morgan Stanley (Xetra: 885836 - news) and Wells Fargo (Swiss: WFC.SW - news) Securities were among the underwriters to the IPO. (Reporting By Neha Dimri in Bangalore; Editing by Joyjeet Das)