Shares of Postal Realty Trust Inc. PSTL, +0.53% opened in line with the pricing of its initial public offering, then rose slightly in their public debut. The first trade was at $17 at 9:39 a.m. Eastern, matching the $17 IPO price. The stock has since traded in a range of $16.80 to $17.37, and was last 0.5% above its IPO price. The real estate investment trust, which owns and manages properties that are leased to the U.S. Postal Service, sold 4.5 million shares in the IPO to raise $76.5 million. The REIT went public at a time that the Renaissance IPO ETF IPO, +0.73% has rallied 31.3% year to date, while the SPDR Real Estate Select Sector ETF XLRE, +0.33% has advanced 17.4% and the S&P 500 SPX, +0.31% has gained 13.4%.
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