Shares of Barry Sternlicht's Starwood Property Trust Inc. fell as much as 2.6% on their first day of trading Wednesday after the company increased the size of its initial public offering to $810 million.

Starwood sold 40.5 million shares at $20 each, the Greenwich, Conn., company said. On Tuesday it expanded its IPO by 62% after first announcing plans to raise $500 million.

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