IMH Shares Rise 16%

Shares of IMH Commercial Holdings Inc. rose more than 16% Tuesday in the first day of public trading.

The stock closed at $17.44 on the American Stock Exchange, a $2.44-per-share gain from the issue price. Nearly 2 million shares of the Orange County commercial mortgage investment firm’s shares traded hands.

The strong performance underscores industry belief that the commercial real estate market is gaining strength.

IMH Commercial, formerly Imperial Credit Commercial Holdings, netted $76.7 million from the initial offering of 5.5 million shares, which it sold to underwriters at $15 a share.

The stock opened trading Tuesday at $17.25 and climbed steadily to $17.88 before settling back to its closing price.

IMH was formed earlier this year by Imperial Credit Mortgage Holdings Inc., a residential mortgage finance company, to operate as a commercial real estate investment trust. The new company will make, buy and sell commercial loans and invest in commercial loans and mortgage-backed securities secured by commercial properties.