Exterior of office building TPG RE Finance Trust headquarters in Midtown Manhattan. (Photo: Vornado Realty Trust)

NEW YORK CITY—TPG RE Finance Trust, a mortgage REIT backed by private equity firm TPG, priced its initial public offering late Wednesday and was scheduled to begin trading Thursday morning on the New York Stock Exchange under the TRTX symbol. At $20 per share, the IPO of 11 million shares priced at the low end of its $20-$21 range.

Seeking Alpha reported earlier this week that an IPO at the middle of the price range would give TRTX an implied market capitalization of $1.25 billion. The mREIT has granted the offering’s underwriters a 30-day option to purchase up to an additional 1.65 million shares of its common stock at the IPO price.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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