Intrawest IPO raises less than projected
January 30, 2014
Steamboat Springs — Intrawest, the Denver-based parent company of Steamboat Ski and Resort Corp., raised about $188 million in its initial public offering Thursday, which is significantly less than it had previously projected.
The company listed a range between $15 and $17 per share in filings with the Securities and Exchange Commission, but it sold for $12 per share Thursday, according to multiple reports. It will begin public trading Friday on the New York Stock Exchange under the symbol SNOW.
Fortress Investment Group, which controls Intrawest, will retain about 65 percent ownership after selling 12.5 million shares. Intrawest had hoped to net about $43.6 million after selling its 3.125 million shares, but that number was based off the much higher range.
Intrawest would have a market value of about $540 million at the IPO price.
Intrawest’s IPO for Whistler Blackcomb Ski Resort in 2010 also was priced at $12 per share.