Intrawest Resorts Holdings Inc. (SNOW:US), a North American mountain resort and adventure company, raised about $188 million in its initial public offering after pricing the shares below the marketed range.
The company, which is backed by private-equity funds owned by Fortress Investment Group LLC (FIG:US), and shareholders sold 15.6 million shares for $12 each, according to data compiled by Bloomberg, after offering them for $15 to $17 apiece. The shares will start trading tomorrow, listed on the New York Stock Exchange under the symbol SNOW.
At the IPO price, Denver-based Intrawest Resorts has a market value of $540 million. The company, which owns Winter Park Resort in Colorado and Stratton Mountain Resort in Vermont, plans to use funds from the offering for working capital and general corporate activities. Fortress-managed funds sold a total of 12.5 million shares and will own 65 percent of the stock after the offering, according to the prospectus.
Goldman Sachs Group Inc., Credit Suisse Group AG, Deutsche Bank AG and Bank of America Corp. managed the offering.
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