Rick Perry’s REIT Fermi Surges 55% After $683 Million IPO (3)

Fermi Inc. shares rose 55% in their debut after the energy real estate investment trust raised $682.5 million in its US listing, the latest sign of investors’ hunger for exposure to a boom in artificial intelligence.

Shares of the company closed at $32.53 versus an IPO price of $21. Fermi sold 32.5 million shares after pricing them within a marketed range of $18 to $22.

The trading gave the Amarillo, Texas-based REIT, which was co-founded by former US Secretary of Energy Rick Perry, a market value of about $19.3 billion based on the outstanding shares listed in its filings. ...