NEW YORK (TheStreet) -- Shares of InfraREIT (HIFR) - Get InfraREIT, Inc. Report are up 16.22% to $26.73 as the real estate investment trust (REIT) begins trading on the New York Stock Exchange today after pricing 20 million shares of its common stock in its initial public offering at $23 a share.

The company owns rate-regulated electric transmission and distribution (T&D) assets, such as power lines, substations, transmission towers, distribution poles, transformers and related property and assets, in Texas.

Separately, the underwriters have been granted a 30-day option to purchase up to an additional three million shares of common stock from InfraREIT at the initial public offering price. The offering is expected to close on or about February 4.

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About 8.89 million shares changed hands by 11:31 a.m. in New York.

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