Bloomberg News

Intrawest Resorts Raises $188 Million Pricing IPO Below Range

January 30, 2014

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.

To contact Bloomberg News staff for this story: Laura Lorenzetti in New York at llorenzetti@bloomberg.net

To contact the editor responsible for this story: Mohammed Hadi at mhadi1@bloomberg.net


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Companies Mentioned

  • SNOW
    (Intrawest Resorts Holdings Inc)
    • $10.8 USD
    • 0.01
    • 0.09%
  • FIG
    (Fortress Investment Group LLC)
    • $7.71 USD
    • 0.01
    • 0.13%
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