Fermi (NASDAQ:FRMI) saw its shares climb as much as 21% in premarket trading on Thursday, continuing the momentum from the Texas-based real estate investment trust’s successful debut.
The REIT, co-founded by former U.S. Energy Secretary Rick Perry, had soared 55% on its first trading day Wednesday, closing at $32.53, well above its initial public offering price of $21.
Fermi raised roughly $683 million through its IPO, selling 32.5 million shares, with the offering priced within the anticipated range of $18 to $22 per share.
Investor demand for the IPO was strong, with the offering reportedly oversubscribed several times over.
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