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Empire State Realty looks to raise over $1B in IPO

NEW YORK (AP) -- Empire State Realty Trust Inc. said Thursday that it plans to price an initial public offering of the company's stock between $13 and $15 each.

The real estate investment trust, which owns the famous skyscraper that is its namesake, said in a regulatory filing that it is selling 71.5 million shares and offering underwriters the chance to buy up to 10.7 million additional shares, to cover excess demand.

At the midpoint price, and assuming the underwriters exercise their overallotment option, Empire State Realty Trust would raise gross proceeds of $1.15 billion.

The company plans to use proceeds to repay debt as well as cover expenses related to the IPO. Remaining funds will be used for working capital and possible future acquisitions.

It now owns 12 office properties, including seven in midtown Manhattan and the rest in the tri-state area.

The stock will list on the New York Stock Exchange under the ticker symbol "ESRT."