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REIT Postal Realty prices IPO at $17 a share

Ciara Linnane

Postal Realty Trust Inc. , a REIT that owns and manages properties that are leased to the U.S. Postal service, said Wednesday it has priced its initial public offering at $17 a share. The company sold 4.5 million shares to raise $76.5 million. The underwriters have the option to buy an additional 675,000 shares. The stock is expected to start trading later Wednesday on the New York Stock Exchange, under the ticker symbol "PSTL." Proceeds of the deal will be used to acquire properties, repay mortgage debt and for general corporate purposes, including working capital and potential acquisitions.