Shares of Meruelo Maddux Properties Inc. rose Thursday during its first day of trading since it raised $400 million in a disappointing IPO.

Meruelo Maddux, downtown Los Angeles’ largest landlord, sold 40 million shares at $10 each Wednesday, below the $12 to $14 price the company had been expecting from its initial public offering.

Meruelo Maddux is heavily invested in industrial real estate, as well as a handful of parking lots and residential developments. It is run by real estate magnate Richard Meruelo.

It trades under the symbol MMPI on the Nasdaq.