Mountain resorts operator Intrawest prices IPO at $12/share- market source
Jan 30 (Reuters) - Mountain resorts operator Intrawest Resorts Holdings Inc raised about $188 million in an initial public offering after its shares were priced at $12, a market source told Reuters.
The company, controlled by private equity firm Fortress Investment Group LLC, priced its IPO of 15.62 million shares significantly below its expected price range of $15-$17 per share. Based on the number of shares outstanding, Intrawest would be valued at $540 million.
Out of the total offering, Intrawest is offering 3.12 million shares while Fortress is selling the rest. After the offering, Fortress's stake would drop to about 65 percent.
Denver-based Intrawest, the largest heli-skiing adventure operator in the world, was taken private by Fortress in 2006 for about $2.8 billion, including debt.
Intrawest, which operates in three major segments, namely mountain, adventure and real estate, has interests in seven mountain resorts in North America. It also operates Canadian Mountain Holidays, a heli-skiing adventure company.
It runs Club Intrawest, a private vacation club with eight locations across the U.S., Canada and Mexico.
Intrawest's net loss narrowed to $296.7 million from $336 million for the year ended June 30. Revenue rose 2 percent to $524.4 million in the same period.
Goldman Sachs, Credit Suisse, Deutsche Bank Securities and BofA Merrill Lynch are the lead underwriters to the offering.
- Ukraine says Russian tanks flatten town; EU to threaten more sanctions |
- Seven NATO allies to create new rapid reaction force-report
- U.S. authorities investigate suspected threat against Obama: reports
- Putin says Russia must strengthen its economic, military position in Arctic
- Ukraine seeks to join NATO; defiant Putin compares Kiev to Nazis |