Jan 31 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
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