AMB Property Sets Price For Stock Offering

SAN FRANCISCO (AP) — Industrial real estate developer AMB Property Corp. said Wednesday it priced its public offering of more than 41 million shares of common stock at $12.15 apiece.

AMB Property said it has granted the underwriters an option to buy up to nearly 6.2 million additional shares to cover any overallotments. Merrill Lynch, JPMorgan and Morgan Stanley are underwriting the offering. The offering is expected to close on or about March 30.

The company currently has about 98.4 million shares outstanding.

Shares of AMB Property rose $1.16, or about 9.4 percent, to $13.47 in morning trading. The stock has traded in a 52-week range of $8.73 to $60.17.