UPDATE 2-Excel shares fall in NYSE debut

* Debuts at $13.25/shr, 5.4 pct below IPO price ($14)

* Trading on NYSE under symbol “EXL”
(Adds byline, background on IPO market; updates share price)

By Clare Baldwin and Maria Aspan

NEW YORK, April 23 (BestGrowthStock) – Shares in real estate
investment trust Excel Trust Inc (EXL.N: ) opened 5.4 percent
below their initial public offering price on Friday.

The shares opened at $13.25 and inched up to $13.30 in
early trading. The company sold 15 million shares for $14 each,
raising about $210 million. It had planned to sell 15 million
shares for $14 to $15 each after delaying its pricing and
cutting the expected range from $16 to $18 a share.

San Diego, California-based Excel plans to buy retail
properties and said it will own 16 properties totaling 1.2
million square feet at the conclusion of the IPO. It also has
an agreement to purchase a mall and plans to purchase a
commercial office building and two plots of land.

Excel typically rents to supermarkets, big box retailers
and other chains such as Walgreen Co (WAG.N: ), Lowe’s Cos Inc
(LOW.N: ) and Best Buy Co Inc (BBY.N: ), it said in its prospectus.

Underwriters were led by Morgan Stanley, Barclays Capital
and UBS Investment Bank.

It was a lackluster week for U.S. initial public offerings,
signaling that the market for new issues could again be
cooling. Out of the eight IPOs this week, Excel was one of
seven companies that priced at the bottom or below their
expected ranges.

The market for IPOs has improved from the beginning of the
year, when many companies cut, postponed or quit their efforts,
but investors are still price-sensitive.

Investing

(Reporting by Clare Baldwin and Maria Aspan, editing by Gerald
E. McCormick and Derek Caney)

UPDATE 2-Excel shares fall in NYSE debut