Shares of Intrawest Resorts fall in debut

Fri Jan 31, 2014 10:16am EST

Jan 31 (Reuters) - Shares of Intrawest Resorts Holdings Inc , a mountain resort operator owned by private equity firm Fortress Investment Group LLC, fell as much as 8 percent in their debut, valuing the company at about $496 million.

The Denver-based company raised $187.5 million after its initial public offering of 15.6 million shares was priced at $12 per share, significantly below the expected pricing range of $15-$17.

Selling shareholders sold 12.5 million shares in the offering, while the rest came from Intrawest Resorts.

The company's shares opened at $11.11 and touched a low of $11.03 on the New York Stock Exchange.

The owner of Canadian Mountain Holidays, the largest heli-skiing adventure operator in the world, was taken private by Fortress in 2006 for about $2.8 billion, including debt.

Goldman Sachs, Credit Suisse, Deutsche Bank and Merrill Lynch, Pierce, Fenner & Smith were lead underwriters to the offering.

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