Rick Perry’s Energy REIT Fermi Raises $682.5 Million in IPO

Fermi Inc., a real estate investment trust co-founded by former US Secretary of Energy Rick Perry, raised $682.5 million in an initial public offering, pricing its shares in the upper half of the marketed range.

The REIT sold 32.5 million shares for $21 after marketing them for $18 to $22 each, according to a statement Tuesday.

The price gives Fermi a market value of about $12.5 billion based on the outstanding shares listed in regulatory filings. The company’s shares are expected to begin trading on the Nasdaq Global Select Market on Wednesday and on the London Stock Exchange ...