Postal Realty Trust Inc. closed its IPO of 4.5 million shares of class A common stock, priced at $17.00 apiece.

The real estate investment trust, which owns and manages properties leased to the United States Postal Service, granted a 30-day option to the underwriters to acquire 675,000 additional shares.

The company's class A common stock commenced trading on the New York Stock Exchange on May 15 under the symbol PSTL.

Postal Realty Trust aims to use about $29.0 million of the net proceeds to buy properties in the company's formation transactions and about $31.7 million to repay mortgage debt.

Stifel Nicolaus & Co. Inc., Janney Montgomery Scott LLC, BMO Capital Markets Corp. and Height Capital Markets LLC were the joint book-running managers for the offering, while B. Riley FBR Inc. and D.A. Davidson & Co. were co-managers.