(Reuters) -Shares of American Healthcare REIT rose 7% to $12.85 in their New York Stock Exchange debut on Wednesday, further underscoring a rebound in the market for new listings after a two-year lull.
The stock was listed at $12.85 per share, above its initial public offering (IPO) price of $12 apiece.
On Tuesday, the company raised $672 million by selling about 56 million shares at the lower end of its targeted range.
The IPO market is looking for a turnaround in fortunes as bets of a soft landing for the U.S. economy firm up. Social media firm Reddit, cloud security company Rubrik and software startup ServiceTitan are all expected to go public in 2024.
REITs typically provide a better hedge against inflation and market volatility during times of economic turmoil.
The sector, however, was among the worst performers last year, weighed down by factors ranging from high interest rates to tepid demand for office space in an era of remote work.
American Healthcare REIT had initially planned the share sale in 2022, when the U.S. Federal Reserve's policy tightening squeezed markets.
Last month, the REIT said it plans to sell 56 million shares priced between $12 and $15 each.
Based in Irvine, California, the REIT owns a portfolio of several clinical healthcare properties, including medical office buildings, skilled nursing facilities, hospitals and senior housing facilities.
American Healthcare REIT employed 112 people and had nearly $4.6 billion of assets as of Sept. 30.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shounak Dasgupta and Anil D'Silva)