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QTS shares jump in initial trading

(AP) - Shares of QTS Realty Trust are jumping 4 percent in their trading debut.

The real estate investment trust, based in Overland Park, Kansas, priced its offering of nearly 12.3 million shares at $21 per share, which is below market expectations. The company also gave underwriters an option to buy another 1.8 million shares if demand is strong.

QTS shares hit $21.92 in midday trading Wednesday.

The company raised nearly $275.3 million. It plans to use the proceeds to repay debt.

QTS Realty Trust Inc. is trading under the symbol "QTS" on the New York Stock Exchange.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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