Paramount Group raises US$2.3b in IPO

New York

PARAMOUNT Group Inc, an office landlord, has raised US$2.3 billion in its initial public offering, the largest ever for a US real estate investment trust.

The New York-based company priced 131 million shares at US$17.50 each. Listed on the New York Stock Exchange under PGRE, the shares climbed 5.2 per cent to US$18.41 as of 10.04 am New York time.